Company registration number 00295458 (England and Wales)
HERTIE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
HERTIE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 9
HERTIE LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
8,100
977
Investment property
5
3,500,000
1,000,000
Investments
6
100
100
3,508,200
1,001,077
Current assets
Debtors
8
81,067
104,702
Cash at bank and in hand
7,277
38,962
88,344
143,664
Creditors: amounts falling due within one year
9
(556,453)
(566,748)
Net current liabilities
(468,109)
(423,084)
Total assets less current liabilities
3,040,091
577,993
Provisions for liabilities
10
(190,564)
(42,376)
Net assets
2,849,527
535,617
Capital and reserves
Called up share capital
11
10,000
10,000
Share premium account
10,240
10,240
Revaluation reserve
2,521,318
211,882
Other reserves
23,914
23,914
Profit and loss reserves
284,055
279,581
Total equity
2,849,527
535,617
HERTIE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 27 March 2025
Mrs S Hartley
Director
Company registration number 00295458 (England and Wales)
HERTIE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
Share capital
Share premium account
Revaluation reserve
Other reserves
Profit and loss reserves
Total
£
£
£
£
£
£
Balance at 1 April 2022
10,000
10,240
211,882
23,914
328,091
584,127
Year ended 31 March 2023:
Loss for the year
-
-
-
-
(48,510)
(48,510)
Balance at 31 March 2023
10,000
10,240
211,882
23,914
279,581
535,617
Year ended 31 March 2024:
Profit for the year
-
-
-
-
2,313,910
2,313,910
Transfers
-
-
2,309,436
-
(2,309,436)
-
Balance at 31 March 2024
10,000
10,240
2,521,318
23,914
284,055
2,849,527
HERTIE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Company information
Hertie Limited is a private company limited by shares incorporated in England and Wales. The registered office is 25/27 Clarendon Road, Hornsey, London, N8 0DD.
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, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
25% on reducing balance
Computer equipment
33% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.3
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.
HERTIE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ 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.
Basic financial liabilities
Basic financial liabilities, including creditors, 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.
1.7
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.
HERTIE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
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.
1.8
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
3
Taxation
2024
2023
£
£
Deferred tax
Origination and reversal of timing differences
148,188
HERTIE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023
113,942
Additions
9,352
At 31 March 2024
123,294
Depreciation and impairment
At 1 April 2023
112,965
Depreciation charged in the year
2,229
At 31 March 2024
115,194
Carrying amount
At 31 March 2024
8,100
At 31 March 2023
977
5
Investment property
2024
£
Fair value
At 1 April 2023
1,000,000
Revaluations
2,500,000
At 31 March 2024
3,500,000
The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 March 2024 by the majority shareholder of the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
If investment property was stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2024
2023
£
£
Cost
788,118
788,118
Valuation in 2017
211,882
211,882
Valuation in 2024
2,500,000
-
Carrying amount
3,500,000
1,000,000
HERTIE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
6
Fixed asset investments
2024
2023
£
£
Shares in group undertakings
100
100
7
Subsidiaries
Details of the company's subsidiaries at 31 March 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Hanky Panky International Ltd
25/27 Clarendon Road, Hornsey, London N8 0DD
Ordinary shares
100.00
8
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
17,376
21,001
Amounts owed by group undertakings
62,477
62,477
Other debtors
1,214
21,224
81,067
104,702
9
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
25,034
90,926
Other creditors
531,419
475,822
556,453
566,748
10
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
190,564
42,376
11
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
10,000
10,000
10,000
10,000
HERTIE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
12
Related party transactions
Included within other creditors is a balance of £61,204 (2023: £69,946) owed to the director.
Included in other creditors is a balance of £379,254 (2023: £397,650) owed to a shareholder.
The loans are interest free, unsecured and repayable on demand.