Company registration number 12917209 (England and Wales)
HEATH HOUSE PROPERTIES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
HEATH HOUSE PROPERTIES LTD
COMPANY INFORMATION
Directors
Mr R A Heath
Mrs A E Wright
Company number
12917209
Registered office
Heath House Bewdley Business Park
Long Bank
Bewdley
DY12 2TZ
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Barclays Bank Plc
66 Oxford Street
Kidderminster
Worcestershire
DY10 1BL
HEATH HOUSE PROPERTIES LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
HEATH HOUSE PROPERTIES LTD
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF HEATH HOUSE PROPERTIES LTD FOR THE YEAR ENDED 30 JUNE 2024
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Heath House Properties Ltd for the year ended 30 June 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 Heath House Properties Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Heath House Properties Ltd and state those matters that we have agreed to state to the board of directors of Heath House Properties Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Heath House Properties Ltd and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Heath House Properties Ltd 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 profit of Heath House Properties Ltd. You consider that Heath House Properties Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Heath House Properties Ltd. 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.
Ormerod Rutter Limited
18 September 2024
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
HEATH HOUSE PROPERTIES LTD
BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,262
1,755,730
Investment property
4
1,658,665
1,659,927
1,755,730
Current assets
Debtors
5
2,732
Cash at bank and in hand
43,725
29,415
43,725
32,147
Creditors: amounts falling due within one year
6
(1,637,102)
(1,731,060)
Net current liabilities
(1,593,377)
(1,698,913)
Total assets less current liabilities
66,550
56,817
Provisions for liabilities
7
(316)
Net assets
66,234
56,817
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
66,134
56,717
Total equity
66,234
56,817
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
HEATH HOUSE PROPERTIES LTD
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024
30 June 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 18 September 2024 and are signed on its behalf by:
Mr R A Heath
Director
Company registration number 12917209 (England and Wales)
HEATH HOUSE PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
1
Accounting policies
Company information
Heath House Properties Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Heath House Bewdley Business Park, Long Bank, Bewdley, DY12 2TZ.
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 have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business.
Turnover is recognised at the fair value of the consideration received or receivable for rents provided in the normal course of business. The fair value of consideration takes into account any lease premiums or rent free periods, which are recognised on a straight line basis over the lease term.
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:
Land and buildings
Nil
Fixtures and fittings
25% on reducing balance
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.
HEATH HOUSE PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 5 -
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
3
Tangible fixed assets
Land and buildings
Fixtures and fittings
Total
£
£
£
Cost
At 1 July 2023
1,754,046
3,509
1,757,555
Disposals
(365,500)
(365,500)
Transfer to investment property
(1,388,546)
(1,388,546)
At 30 June 2024
3,509
3,509
Depreciation and impairment
At 1 July 2023
1,825
1,825
Depreciation charged in the year
422
422
At 30 June 2024
2,247
2,247
Carrying amount
At 30 June 2024
1,262
1,262
At 30 June 2023
1,754,046
1,684
1,755,730
HEATH HOUSE PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
4
Investment property
2024
£
Fair value
At 1 July 2023
Additions
270,119
Transfers
1,388,546
At 30 June 2024
1,658,665
It is in the opinion of the directors that the market value of investment property is not considered to be significantly different from the carrying value held at historical cost.
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,512
Other debtors
1,220
2,732
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
599
Amounts owed to group undertakings
1,626,854
1,719,307
Taxation and social security
9,547
3,036
Other creditors
701
8,118
1,637,102
1,731,060
7
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
316
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
80
80
80
80
Ordinary A of £1 each
20
20
20
20
100
100
100
100
HEATH HOUSE PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
9
Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
10
Control
Ultimate parent company
The ultimate parent company is Heath House Holdings Limited, a company registered in England and Wales.
Ultimate controlling party
The ultimate controlling party is Mr R A Heath by virtue of his controlling interest in the ultimate parent company.