Company registration number 05203555 (England and Wales)
HERITAGE FEEDS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
HERITAGE FEEDS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
HERITAGE FEEDS LIMITED
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
4
90
90
Cash at bank and in hand
640
1,530
730
1,620
Creditors: amounts falling due within one year
5
(15,367)
(16,016)
Net current liabilities
(14,637)
(14,396)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(14,737)
(14,496)
Total equity
(14,637)
(14,396)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 26 February 2025 and are signed on its behalf by:
G Howard
Director
Company registration number 05203555 (England and Wales)
HERITAGE FEEDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
1
Accounting policies
Company information
Heritage Feeds Limited is a private company limited by shares incorporated in England and Wales. The registered office is Grosvenor House, 1 Crowland Close, Southport, Merseyside, PR9 7RR.
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 are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The financial statements have been prepared in accordance with the going concern assumption because the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, and the group will continue to provide financial support to the company.true
1.3
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
HERITAGE FEEDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
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.
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
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The directors do not consider there to be any estimates and assumptions in connection with the preparation of the company's year ended 30 June 2024 financial statements that have a material adjustment to the carrying amounts of assets and liabilities at the balance sheet date of 30 June 2024.
HERITAGE FEEDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
3
Employees
The company had no employees during the year (2023: NIL).
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
90
90
All amounts owed by group undertakings as at 30 June 2024 are interest free and are repayable on demand.
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
8,750
Amounts owed to group undertakings
15,367
7,167
Other creditors
99
15,367
16,016
Bank loans are secured by way of a debenture incorporating a fixed and floating charge over the assets of the company, a Department of Trade and Industry guarantee, a cross guarantee from a group company, Bulldog Products Limited, and personal guarantees from the directors of the company and A Graham (Junior) which is limited to £62,500 (2023: £62,500) (note 6). The company does not have a bank overdraft.
HERITAGE FEEDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
6
Related party transactions
Personal guarantees are given by A Graham (Senior), his son A Graham (Junior) and G Howard, and by Bulldog Products Limited (a group company), in connection with the company's bank loan (note 5).
Heritage Feeds Limited has taken advantage of the available exemption not to disclose transactions with group members due to consolidated accounts being publicly available from Companies House. Such transactions with group members are at an arms length basis.
7
Parent company
The company is controlled by Grosvenor Enterprise Holdings Limited, a company incorporated in England and Wales.
The parent undertaking of the largest and smallest group for which consolidated accounts are prepared is Grosvenor Enterprise Holdings Limited. Consolidated accounts are available from Companies House, Crown Way, Cardiff, CF14 3UZ. The registered office of Grosvenor Enterprise Holdings Limited is 1 Crowland Close, Southport, Merseyside, PR9 7RR.
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Michael Buxton
Statutory Auditor:
Mitchell Charlesworth (Audit) Limited
Date of audit report:
26 February 2025