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COMPANY REGISTRATION NUMBER: 10733196
PALADIN HERITAGE HOLDINGS LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
30 June 2024
PALADIN HERITAGE HOLDINGS LTD
STATEMENT OF FINANCIAL POSITION
30 June 2024
30 Jun 24
30 Apr 23
Note
£
£
Fixed assets
Investments
5
2,326,413
3,296,163
Current assets
Debtors
6
493,000
Cash at bank and in hand
1,300,025
1,101,358
--------------
--------------
1,793,025
1,101,358
Creditors: amounts falling due within one year
7
( 3,070,019)
( 3,216,178)
--------------
--------------
Net current liabilities
( 1,276,994)
( 2,114,820)
--------------
--------------
Total assets less current liabilities
1,049,419
1,181,343
Provisions
( 3,288)
--------------
--------------
Net assets
1,049,419
1,178,055
--------------
--------------
PALADIN HERITAGE HOLDINGS LTD
STATEMENT OF FINANCIAL POSITION (continued)
30 June 2024
30 Jun 24
30 Apr 23
Note
£
£
Capital and reserves
Called up share capital
100
100
Profit and loss account
1,049,319
1,177,955
--------------
--------------
Shareholders funds
1,049,419
1,178,055
--------------
--------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the period ending 30 June 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 financial statements for the period in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 19 February 2025 , and are signed on behalf of the board by:
A D Norford
Director
Company registration number: 10733196
PALADIN HERITAGE HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
PERIOD FROM 1 MAY 2023 TO 30 JUNE 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Thistle Down, Holcot Lane, Sywell, Northampton, NN6 0BG.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis , in sterling , which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Investments
Investments in unquoted subsidiaries are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Fixed asset investments are initially recorded at cost, and subsequently stated at fair value with changes in fair value being recognised in profit or loss. Where a fair value cannot be reliably measured, investments are stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
The company only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost. Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 4 (2023: 2 ).
5. Investments
Shares in group undertakings
Other investments other than loans
Total
£
£
£
Cost
At 1 May 2023
2,326,413
969,750
3,296,163
Disposals
( 969,750)
( 969,750)
--------------
-----------
--------------
At 30 June 2024
2,326,413
2,326,413
--------------
-----------
--------------
Impairment
At 1 May 2023 and 30 June 2024
--------------
-----------
--------------
Carrying amount
At 30 June 2024
2,326,413
2,326,413
--------------
-----------
--------------
At 30 April 2023
2,326,413
969,750
3,296,163
--------------
-----------
--------------
6. Debtors
30 Jun 24
30 Apr 23
£
£
Other debtors
493,000
-----------
-----
7. Creditors: amounts falling due within one year
30 Jun 24
30 Apr 23
£
£
Amounts owed to group undertakings and undertakings in which the company has a participating interest
3,070,019
3,216,178
--------------
--------------
8. Financial instruments
The carrying amount for each category of financial instrument is as follows:
30 Jun 24
30 Apr 23
£
£
Financial assets measured at fair value through profit or loss
Financial assets measured at fair value through profit or loss
969,750
-----
-----------
9. Director's advances, credits and guarantees
During the period the director entered into the following advances and credits with the company:
30 Jun 24
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
D Chughtai
295,100
295,100
-----
-----------
-----------
30 Apr 23
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
D Chughtai
-----
-----
-----
The directors loan was interest free and was repaid on 2 July 2024.
10. Controlling party
On 2 July 2024 the company was acquired by Brand K Ltd which became the new controlling party. Prior to this date no individual was a controlling party however it was controlled by the Directors, D Chughati and G S Charles.