Hermitage (No. 1) Ltd |
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Notes to the Accounts |
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for the year ended 30 April 2024 |
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
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Investments |
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Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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2 |
Employees |
2024 |
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2023 |
Number |
Number |
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Average number of persons employed by the company |
- |
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- |
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3 |
Investments |
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Other |
investments |
£ |
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Cost |
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At 1 May 2023 |
481,144 |
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At 30 April 2024 |
481,144 |
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4 |
Debtors |
2024 |
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2023 |
£ |
£ |
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Other debtors |
1,000 |
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1,000 |
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5 |
Creditors: amounts falling due within one year |
2024 |
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2023 |
£ |
£ |
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Other creditors |
482,044 |
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482,044 |
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6 |
Related party transactions |
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The company owes £481,144 (2023 - £481,144) to Rascasse Investments (PFS) Ltd and £900 (2023 - £900) to Hermitage Holdings (Wilmslow) Ltd, both are companies under common control. These loans are interest-free and repayable on demand. They are included within other creditors in these accounts. |
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7 |
Controlling party |
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The company is controlled by P H Hogarth and his wife, J A Hogarth, both directors. |
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8 |
Other information |
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Hermitage (No. 1) Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
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Paradigm House |
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Brooke Court |
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Wilmslow |
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Cheshire |
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SK9 3ND |