Caseware UK (AP4) 2024.0.164 2024.0.164 The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false42023-07-01falseNo description of principal activity6truetrue 10229991 2023-07-01 2024-06-30 10229991 2022-07-01 2023-06-30 10229991 2024-06-30 10229991 2023-06-30 10229991 c:Director1 2023-07-01 2024-06-30 10229991 d:Buildings d:LongLeaseholdAssets 2023-07-01 2024-06-30 10229991 d:Buildings d:LongLeaseholdAssets 2024-06-30 10229991 d:Buildings d:LongLeaseholdAssets 2023-06-30 10229991 d:OfficeEquipment 2023-07-01 2024-06-30 10229991 d:OfficeEquipment 2024-06-30 10229991 d:OfficeEquipment 2023-06-30 10229991 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 10229991 d:ComputerEquipment 2023-07-01 2024-06-30 10229991 d:ComputerEquipment 2024-06-30 10229991 d:ComputerEquipment 2023-06-30 10229991 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 10229991 d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 10229991 d:CurrentFinancialInstruments 2024-06-30 10229991 d:CurrentFinancialInstruments 2023-06-30 10229991 d:Non-currentFinancialInstruments 2024-06-30 10229991 d:Non-currentFinancialInstruments 2023-06-30 10229991 d:CurrentFinancialInstruments d:WithinOneYear 2024-06-30 10229991 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 10229991 d:Non-currentFinancialInstruments d:AfterOneYear 2024-06-30 10229991 d:Non-currentFinancialInstruments d:AfterOneYear 2023-06-30 10229991 d:ShareCapital 2024-06-30 10229991 d:ShareCapital 2023-06-30 10229991 d:RetainedEarningsAccumulatedLosses 2024-06-30 10229991 d:RetainedEarningsAccumulatedLosses 2023-06-30 10229991 c:OrdinaryShareClass1 2023-07-01 2024-06-30 10229991 c:OrdinaryShareClass1 2024-06-30 10229991 c:OrdinaryShareClass1 2023-06-30 10229991 c:FRS102 2023-07-01 2024-06-30 10229991 c:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 10229991 c:FullAccounts 2023-07-01 2024-06-30 10229991 c:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 10229991 d:WithinOneYear 2024-06-30 10229991 d:WithinOneYear 2023-06-30 10229991 d:BetweenOneFiveYears 2024-06-30 10229991 d:BetweenOneFiveYears 2023-06-30 10229991 2 2023-07-01 2024-06-30 10229991 e:PoundSterling 2023-07-01 2024-06-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 10229991










Five at Heart Ltd








Unaudited

Financial statements

For the year ended 30 June 2024

 
Five at Heart Ltd
 
  
Chartered accountants' report to the director on the preparation of the unaudited statutory financial statements of Five at Heart Ltd for the year ended 30 June 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 Five at Heart 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 director of Five at Heart Ltd in accordance with the terms of our engagement letter dated 19 December 2022Our work has been undertaken solely to prepare for your approval the financial statements of Five at Heart Ltd and state those matters that we have agreed to state to the director of Five at Heart Ltd 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 Five at Heart Ltd and its director for our work or for this report. 

It is your duty to ensure that Five at Heart 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 Five at Heart Ltd. You consider that Five at Heart Ltd 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 Five at Heart 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.

  



Kreston Reeves LLP
Chartered Accountants
2nd Floor
168 Shoreditch High Street
London
E1 6RA
19 March 2025
Page 1

 
Five at Heart Ltd
Registered number: 10229991

Balance sheet
As at 30 June 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
10,132
3,076

  
10,132
3,076

Current assets
  

Stocks
 5 
139,084
222,746

Debtors: amounts falling due within one year
 6 
827,968
845,058

Cash at bank and in hand
  
464,454
639,598

  
1,431,506
1,707,402

Creditors: amounts falling due within one year
 7 
(989,892)
(1,351,399)

Net current assets
  
 
 
441,614
 
 
356,003

Total assets less current liabilities
  
451,746
359,079

Creditors: amounts falling due after more than one year
 8 
(91,946)
(201,244)

  

Net assets
  
359,800
157,835


Capital and reserves
  

Called up share capital 
 9 
100
100

Profit and loss account
  
359,700
157,735

  
359,800
157,835


Page 2

 
Five at Heart Ltd
Registered number: 10229991

Balance sheet (continued)
As at 30 June 2024

The director considers 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 director acknowledges his 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 statement of comprehensive income 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 by: 




Justin Sires
Director
Date: 19 March 2025

The notes on pages 4 to 9 form part of these financial statements.

Page 3

 
Five at Heart Ltd
 

 
Notes to the financial statements
For the year ended 30 June 2024

1.


General information

Five at Heart Limited ("the Company") is a private company limited by shares and was incorporated in England with registration number 10229991. The address of the registered office is 2nd Floor, 168 Shoreditch High Street, London, E1 6RA. The company's trading address is Spaces, 60 St Martins Lane, London, WC2N 4JS.

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

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

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.

Page 4

 
Five at Heart Ltd
 

 
Notes to the financial statements
For the year ended 30 June 2024

2.Accounting policies (continued)


2.3
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property
-
33%
straight line.
Office equipment
-
25%
straight line.
Computer equipment
-
33%
straight line.

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.

 
2.4

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.5

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.

 
2.6

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.

 
2.7

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.

 
2.8

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.

Page 5

 
Five at Heart Ltd
 

 
Notes to the financial statements
For the year ended 30 June 2024

2.Accounting policies (continued)

 
2.9

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.10

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.

 
2.11

Interest income

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

 
2.12

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.



3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2023 - 6).

Page 6

 
Five at Heart Ltd
 

 
Notes to the financial statements
For the year ended 30 June 2024

4.


Tangible fixed assets





Long-term leasehold property
Office equipment
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 July 2023
-
4,783
7,331
12,114


Additions
7,933
455
2,997
11,385


Disposals
-
(833)
-
(833)



At 30 June 2024

7,933
4,405
10,328
22,666



Depreciation


At 1 July 2023
-
2,638
6,400
9,038


Charge for the year on owned assets
1,763
1,255
1,051
4,069


Disposals
-
(573)
-
(573)



At 30 June 2024

1,763
3,320
7,451
12,534



Net book value



At 30 June 2024
6,170
1,085
2,877
10,132



At 30 June 2023
-
2,145
931
3,076

Page 7

 
Five at Heart Ltd
 

 
Notes to the financial statements
For the year ended 30 June 2024

5.


Stocks

2024
2023
£
£

Inventory
139,084
222,746

139,084
222,746



6.


Debtors

2024
2023
£
£


Trade debtors
541,360
522,773

Other debtors
270,806
317,291

Prepayments and accrued income
15,802
4,994

827,968
845,058



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
528,493
373,875

Corporation tax
67,866
22,856

Other taxation and social security
5,791
19,157

Other creditors
36,534
5,902

Accruals and deferred income
351,208
929,609

989,892
1,351,399



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Amounts owed to group undertakings
91,946
201,244



9.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1.00 each
100
100


Page 8

 
Five at Heart Ltd
 

 
Notes to the financial statements
For the year ended 30 June 2024

10.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £6,120 (2023 - £6,727). Contributions totalling £1,222 (2023 - £1,117) were payable to the fund at the balance sheet date and are included in creditors.


11.


Commitments under operating leases

At 30 June 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
21,600
16,200

Later than 1 year and not later than 5 years
21,600
48,600

43,200
64,800


12.


Related party transactions

The group has taken advantage of the exemption provided by section 33 Related Party Disclosures paragraph 33.1A of Financial Reporting Standard 102 from disclosing related party transactions entered into between the company and other group companies, where the subsidiary undertaking is wholly owned by a member of the group.


13.


Controlling party

The company is controlled by PFL Spaces Holdings Pty Ltd, the parent company incorporated in Australia, who own 100% of the issued share capital.


Page 9