8 false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 2,052,000 2,052,000 2,052,000 xbrli:pure xbrli:shares iso4217:GBP 03516097 2023-04-01 2024-03-31 03516097 2024-03-31 03516097 2023-03-31 03516097 2022-04-01 2023-03-31 03516097 2023-03-31 03516097 2022-03-31 03516097 core:FurnitureFittings 2023-04-01 2024-03-31 03516097 bus:Director1 2023-04-01 2024-03-31 03516097 core:WithinOneYear 2024-03-31 03516097 core:WithinOneYear 2023-03-31 03516097 core:AfterOneYear 2024-03-31 03516097 core:AfterOneYear 2023-03-31 03516097 core:ShareCapital 2024-03-31 03516097 core:ShareCapital 2023-03-31 03516097 core:RetainedEarningsAccumulatedLosses 2024-03-31 03516097 core:RetainedEarningsAccumulatedLosses 2023-03-31 03516097 core:LandBuildings 2024-03-31 03516097 core:LandBuildings 2023-03-31 03516097 bus:SmallEntities 2023-04-01 2024-03-31 03516097 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 03516097 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 03516097 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 03516097 bus:FullAccounts 2023-04-01 2024-03-31 03516097 core:OfficeEquipment 2023-04-01 2024-03-31
COMPANY REGISTRATION NUMBER: 03516097
HEARTWELL LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 March 2024
HEARTWELL LIMITED
BALANCE SHEET
31 March 2024
2024
2023
Note
£
£
£
FIXED ASSETS
Tangible assets
5
2,052,000
2,052,000
CURRENT ASSETS
Debtors
6
4,126,395
4,060,697
Cash at bank and in hand
130,002
326,354
-------------
-------------
4,256,397
4,387,051
CREDITORS: amounts falling due within one year
7
( 4,666,846)
( 4,812,916)
-------------
-------------
NET CURRENT LIABILITIES
( 410,449)
( 425,865)
-------------
-------------
TOTAL ASSETS LESS CURRENT LIABILITIES
1,641,551
1,626,135
CREDITORS: amounts falling due after more than one year
8
( 381,719)
( 392,843)
PROVISIONS
Taxation including deferred tax
( 7,503)
( 7,503)
-------------
-------------
NET ASSETS
1,252,329
1,225,789
-------------
-------------
CAPITAL AND RESERVES
Called up share capital
100
100
Profit and loss account
1,252,229
1,225,689
-------------
-------------
SHAREHOLDERS FUNDS
1,252,329
1,225,789
-------------
-------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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 Act with respect to accounting records and the preparation of financial statements .
HEARTWELL LIMITED
BALANCE SHEET (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 23 April 2025 , and are signed on behalf of the board by:
Mrs S Oestreicher
Director
Company registration number: 03516097
HEARTWELL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is New Burlington House, 1075 Finchley Road, London, NW11 0PU.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Joint venture project
The Company has a 25% proportionate interest in a property investment project and its interest in the income, expenditure, assets and liabilities of the project are included proportionally in the Company's Financial Statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Judgements made by the directors in the application of these accounting policies that have significant effect on the financial statements and estimates with a significant risk of material adjustment in the next year are as follows: (i) Property valuation The valuation of the company's investment property is inherently subjective, depending on many factors including the nature of the property, its location and expected future net rental values, market yields and comparable market transactions. Therefore, the valuation is subject to a degree of uncertainty and is made on the basis of assumptions which may not prove to be accurate, particularly in periods of difficult market or economic conditions. (ii) Trade and other debtors Management uses details of the age of trade and other debtors and the status of any disputes together with external evidence of the credit status of the counterparty in making judgements concerning any need to impair the carrying value.
Turnover
The Turnover of the Company is represented by Rents and Charges receivable in respect of its investment properties.
Investment properties
Investment properties are properties which are held either to earn rental income or for capital appreciation or for both. Investment properties are recognised initially at cost. Subsequent to initial recognition - Investment properties whose fair value can be measured reliably without undue cost or effort are held at fair value. Any gains or losses arising from changes in the fair value are recognised in the profit and loss account in the period that they arise; and - No depreciation is provided in respect of investment properties applying the fair value model. This treatment, as regards the company's investment properties, may be a departure from the requirements of the Companies Act concerning depreciation of fixed assets. However, these properties are not held for consumption but for investment and the directors consider that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view. Depreciation is only one of the many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified. Acquisitions and disposals of properties Acquisitions and disposals are considered to have taken place at the date of legal completion and are included in the financial statements accordingly.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and Fittings
-
25% reducing balance
Equipment
-
25% reducing balance
No depreciation is provided in the accounts for Freehold Properties. This departure from the requirements of the Companies Act 2006, for all properties to be depreciated, is necessary, as the directors consider that this accounting policy results in the financial statements giving a true and fair view. Low value items of furniture and fittings are written off in the year in which they are acquired.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 8 (2023: 4 ).
5. TANGIBLE ASSETS
Land and buildings
£
Fair value
At 1 April 2023 and 31 March 2024
2,052,000
-------------
Carrying amount
At 31 March 2024
2,052,000
-------------
At 31 March 2023
2,052,000
-------------
The historical cost of the properties is £1,586,453 (2023: £1,586,453). Investment property fair value is determined by the Directors based on their understanding of property market conditions and the specific property concerned, using a sales valuation approach.
6. DEBTORS
2024
2023
£
£
Other debtors
4,126,395
4,060,697
-------------
-------------
7. CREDITORS: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
14,003
14,002
Corporation tax
481
Social security and other taxes
17,512
1,618
Other creditors
4,634,850
4,797,296
-------------
-------------
4,666,846
4,812,916
-------------
-------------
8. CREDITORS: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
381,719
392,843
----------
----------
Bank loans and overdrafts are secured by legal charges over the Company's investment properties.
9. RELATED PARTY TRANSACTIONS
Included in debtors is £2,396,750 due from companies that have directors connected with the company. Included in creditors is £4,555,037 due to companies that have directors connected with the company.