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Registered number: 04857298










HERITAGE DEVELOPMENTS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

 
HERITAGE DEVELOPMENTS LIMITED
 
 
COMPANY INFORMATION


Directors
J E Maynard 
P Feavearyear (resigned 23 December 2024)
T Ashworth 
D Duffield 




Registered number
04857298



Registered office
Unit 17
Manor Farm Barns

Framingham Pigot

Norwich

Norfolk

NR14 7PZ




Accountants
MA Partners LLP
Chartered Accountants

7 The Close

Norwich

Norfolk

NR1 4DJ





 
HERITAGE DEVELOPMENTS LIMITED
 

CONTENTS



Page
Accountants' report
 
 
1
Balance sheet
 
 
2 - 3
Notes to the financial statements
 
 
4 - 10


 
HERITAGE DEVELOPMENTS LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF HERITAGE DEVELOPMENTS LIMITED
FOR THE YEAR ENDED 30 APRIL 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Heritage Developments Limited for the year ended 30 April 2024 which comprise  the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of directors of Heritage Developments Limited, as a body, in accordance with the terms of our engagement letter dated 4 November 2019Our work has been undertaken solely to prepare for your approval the financial statements of Heritage Developments Limited and state those matters that we have agreed to state to the Board of directors of Heritage Developments Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Heritage Developments Limited and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Heritage Developments Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Heritage Developments Limited. You consider that Heritage Developments Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Heritage Developments Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  





MA Partners LLP
 
Chartered Accountants
  
7 The Close
Norwich
Norfolk
NR1 4DJ
21 January 2025
Page 1

 
HERITAGE DEVELOPMENTS LIMITED
REGISTERED NUMBER: 04857298

BALANCE SHEET
AS AT 30 APRIL 2024

2024
2024
2023
2023
Note
£
£
£
£

Fixed assets
  

Tangible assets
 5 
10,765
22,721

  
10,765
22,721

Current assets
  

Stocks
 6 
2,393,202
5,848,633

Debtors: amounts falling due within one year
 7 
619,493
3,975,647

Cash at bank and in hand
  
6,524,426
3,106,238

  
9,537,121
12,930,518

Creditors: amounts falling due within one year
 8 
(3,500,992)
(3,840,281)

Net current assets
  
 
 
6,036,129
 
 
9,090,237

Total assets less current liabilities
  
6,046,894
9,112,958

Creditors: amounts falling due after more than one year
 9 
(9,204,916)
(9,623,336)

  

Net liabilities
  
£(3,158,022)
£(510,378)


Capital and reserves
  

Called up share capital 
 10 
8,000,002
8,000,002

Profit and loss account
  
(11,158,024)
(8,510,380)

  
£(3,158,022)
£(510,378)


Page 2

 
HERITAGE DEVELOPMENTS LIMITED
REGISTERED NUMBER: 04857298
    
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 21 January 2025.






D Duffield
Director

The notes on pages 4 to 10 form part of these financial statements.

Page 3

 
HERITAGE DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Heritage Developments Limited is a private Company, limited by shares, incorporated and domiciled in England and Wales. The registered office is Unit 17 Manor Farm Barns, Framingham Pigot, Norwich, NR14 7PZ.
The Company's principal activities are those of property development and contract work in England.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

Included within creditors: amounts falling due after more than one year is a loan of £9,204,916 due to one of the directors. This director has given an undertaking expressing his willingness to provide financial support to the Company, where required, for the foreseeable future.
The directors also consider that the market value of development stocks held by the Company at the balance sheet date significantly exceeds their historical cost and that the Company will therefore remain profitable in the future. The directors therefore consider it appropriate to prepare the financial statements on a going concern basis.

 
2.3

Revenue recognition

Turnover represents the value of house sales and other invoiced work carried out by the Company during the year, exclusive of Value Added Tax. Revenue in respect of house sales is recognised when contracts have been exchanged and when all of the following conditions are satisfied:
 

 
2.4

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Other intangible fixed assets are amortised over their useful life of five years and represent the registration fee paid by the Company for the right to bear a personalised number plate on one of its vehicles.

Page 4

 
HERITAGE DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on both a straight line and reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
20% reducing balance
Motor vehicles
-
25% reducing balance
Office equipment
-
straight line over 5 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

Work in progress

Work in progress is valued at the lower of cost and net realisable value. The net development outgoings attributable to properties held for development and sales are added to the cost of such properties. Interest payable which is directly attributable to a development is also included within work in progress.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
HERITAGE DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.10

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.11

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.12

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.13

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.14

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.


3.


Employees

The average monthly number of employees, including directors, during the year was 12 (2023 - 14).

Page 6

 
HERITAGE DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

4.


Intangible assets




Other

£



Cost


At 1 May 2023
5,655



At 30 April 2024

5,655



Amortisation


At 1 May 2023
5,655



At 30 April 2024

5,655



Net book value



At 30 April 2024
£-



At 30 April 2023
£-



Page 7

 
HERITAGE DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

5.


Tangible fixed assets





Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 May 2023
6,112
38,190
65,087
109,389


Disposals
-
(4,200)
(855)
(5,055)



At 30 April 2024

6,112
33,990
64,232
104,334



Depreciation


At 1 May 2023
4,279
30,043
52,346
86,668


Charge for the year on owned assets
367
1,904
9,156
11,427


Disposals
-
(3,671)
(855)
(4,526)



At 30 April 2024

4,646
28,276
60,647
93,569



Net book value



At 30 April 2024
£1,466
£5,714
£3,585
£10,765



At 30 April 2023
£1,833
£8,147
£12,741
£22,721


6.


Stocks

2024
2023
£
£

Work in progress
2,393,202
5,848,633

£2,393,202
£5,848,633


Page 8

 
HERITAGE DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

7.


Debtors

2024
2023
£
£


Trade debtors
8,680
10,391

Other debtors
120,801
100,122

Prepayments and accrued income
490,012
3,865,134

£619,493
£3,975,647



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
3,070,382
2,883,120

Other taxation and social security
25,422
31,539

Other creditors
6,482
16,715

Accruals and deferred income
398,706
908,907

£3,500,992
£3,840,281



9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Other creditors
9,204,916
9,623,336

£9,204,916
£9,623,336



Creditors include amounts not wholly repayable within 5 years as follows:

2024
2023
£
£


Repayable by instalments
-
-

Repayable other than by instalments
9,204,916
9,623,336

£9,204,916
£9,623,336


Page 9

 
HERITAGE DEVELOPMENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

10.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



2 (2023 - 2) Ordinary A shares of £1.00 each
2
2
8,000,000 (2023 - 8,000,000) Pref shares shares of £1.00 each
8,000,000
8,000,000

£8,000,002

£8,000,002



11.


Related party transactions

As at 30 April 2024, the Company owed one of the directors £9,204,916 (2023: £9,623,336).

 
Page 10