Registered number: 05274067
HERITAGE LANDBANK (HOLDINGS) LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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HERITAGE LANDBANK (HOLDINGS) LTD
COMPANY INFORMATION
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H. M. Goldenberg Assoc RICS
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S. A. Goldenberg FRICS IRRV FRSPH
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S. A. Goldenberg FRICS IRRV FRSPH
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1st Floor Sackville House
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HERITAGE LANDBANK (HOLDINGS) LTD
CONTENTS
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Notes to the Financial Statements
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HERITAGE LANDBANK (HOLDINGS) LTD
REGISTERED NUMBER: 05274067
BALANCE SHEET
AS AT 31 MARCH 2024
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Allotted, called up and fully paid share capital
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Equity shareholders' funds
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Page 1
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HERITAGE LANDBANK (HOLDINGS) LTD
REGISTERED NUMBER: 05274067
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 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 Directors' Report and the Statement of Income and Retained Earnings in accordance with provisions applicable to companies subject to the small companies regime, under section 444 of the Companies Act 2006.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
25 March 2025
H. M. Goldenberg Assoc RICS
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The notes on pages 3 to 8 form part of these financial statements.
Page 2
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HERITAGE LANDBANK (HOLDINGS) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Heritage Landbank (Holdings) Ltd (registered number: 05274067), having its registered office at 1st Floor, Sackville House, 143-149 Fenchurch Street, London, EC3M 6BN, is a private limited company incorporated in England and Wales.
The principal place of business is 520 Linen Hall, 162-168 Regent St, Soho, London, W1B 5TF.
2.ACCOUNTING POLICIES
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BASIS OF PREPARATION OF FINANCIAL STATEMENTS
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
The Company has taken advantage of the exemption in Section 1A.7 of Financial Reporting Standard 102 from the requirement to produce a Statement of Cash Flows on the grounds that it is a small company.
Other operating income comprises rental and other property related income exclusive of Value Added Tax.
Other operating income in respect of rental income is recognised to the extent that it is probable that the economic benefits will flow to the Company and the rental income can be measured reliably. Other operating income is measured as the fair value of the consideration received or receivable, excluding Value Added Tax.
Investment property is carried at fair value determined annually by S. A. Goldenberg FRICS IRRV FRSPH, a director of the Company and a Chartered Surveyor, and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Income and Retained Earnings.
Land and development work in progress is valued at the lower of cost and net realisable value in the normal course of the business.
Short-term debtors are measured at transaction price.
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CASH AND CASH EQUIVALENTS
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Cash is represented by deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Page 3
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HERITAGE LANDBANK (HOLDINGS) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.ACCOUNTING POLICIES (CONTINUED)
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the Balance Sheet date.
Short-term creditors are measured at the transaction price.
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CURRENT AND DEFERRED TAXATION
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The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings.
The current corporation 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.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.
Interest income is recognised in the Statement of Income and Retained Earnings using the effective interest method.
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
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HERITAGE LANDBANK (HOLDINGS) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.ACCOUNTING POLICIES (CONTINUED)
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TANGIBLE FIXED ASSETS (CONTINUED)
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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:
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 the Statement of Income and Retained Earnings.
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The average monthly number of employees, including directors, during the year was 3 (2023 - 3).
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Page 5
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HERITAGE LANDBANK (HOLDINGS) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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Freehold investment property
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Valuation of land and buildings at 31 March 2024 is as follows:
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The land and buildings were revalued on 31 March 2024 on an open market existing basis by S. A. Goldenberg FRICS IRRV FRSPH, a director of the Company who is a qualified Chartered Surveyor.
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Page 6
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HERITAGE LANDBANK (HOLDINGS) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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Prepayments and accrued income
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CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Page 7
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HERITAGE LANDBANK (HOLDINGS) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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Credited to profit or loss
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The provision for deferred taxation is made up as follows:
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Revaluation of investment property
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The amount of the net reversal of deferred tax expected to occur in the next year is dependent on any future fair value movements on investment properties.
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Profit and loss account
At the Balance Sheet date the profit and loss account contained non-distributable reserves of £756,945 (2023: £3,321,945) relating to the revaluation of investment property and deferred tax thereon.
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RELATED PARTY TRANSACTIONS
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Included within creditors are amounts due to the parent Company of £3,370,960 (2023: £3,516,826).
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The immediate and ultimate parent undertaking is Heritage Land Limited, a company registered in England and Wales.
Page 8
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