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Company No: 04681692 (England and Wales)

HEAVER COMMERCIAL LIMITED

Unaudited Financial Statements
For the financial year ended 28 February 2025
Pages for filing with the registrar

HEAVER COMMERCIAL LIMITED

Unaudited Financial Statements

For the financial year ended 28 February 2025

Contents

HEAVER COMMERCIAL LIMITED

COMPANY INFORMATION

For the financial year ended 28 February 2025
HEAVER COMMERCIAL LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 28 February 2025
DIRECTORS J P Heaver
E J Heaver
SECRETARY E J Heaver
REGISTERED OFFICE 22 Chancery Lane
London
WC2A 1LS
United Kingdom
COMPANY NUMBER 04681692 (England and Wales)
HEAVER COMMERCIAL LIMITED

BALANCE SHEET

As at 28 February 2025
HEAVER COMMERCIAL LIMITED

BALANCE SHEET (continued)

As at 28 February 2025
Note 2025 2024
£ £
Fixed assets
Tangible assets 3 295 394
Investment property 4 8,612,500 8,957,500
8,612,795 8,957,894
Current assets
Debtors 5 143,628 205,938
Cash at bank and in hand 796,742 161,533
940,370 367,471
Creditors: amounts falling due within one year 6 ( 5,962,703) ( 5,179,411)
Net current liabilities (5,022,333) (4,811,940)
Total assets less current liabilities 3,590,462 4,145,954
Creditors: amounts falling due after more than one year 7 ( 1,480,000) ( 1,322,861)
Provision for liabilities 8 ( 393,465) ( 531,257)
Net assets 1,716,997 2,291,836
Capital and reserves
Called-up share capital 1 1
Profit and loss account 1,716,996 2,291,835
Total shareholders' funds 1,716,997 2,291,836

For the financial year ending 28 February 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Heaver Commercial Limited (registered number: 04681692) were approved and authorised for issue by the Board of Directors on 09 May 2025. They were signed on its behalf by:

J P Heaver
Director
HEAVER COMMERCIAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 28 February 2025
HEAVER COMMERCIAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 28 February 2025
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Heaver Commercial Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 22 Chancery Lane, London, WC2A 1LS, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly the going concern basis has continued to be adopted in preparing the annual report and accounts.

Turnover

Turnover represents rental income receivable for the period from the company's properties. Income is recognised over the period of the lease term. Turnover also includes consultancy income which is recognised as earned.

Taxation

Current tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Deferred tax
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition an installation.

Plant and machinery etc. 25 % reducing balance
Borrowing costs

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss over the period of the relevant borrowing.

Interest expense if recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

The company as lessee
Lease incentives are recognised over the term of the lease.

Investment property

Investment properties are carried at fair value, derived from the current market prices for comparable real estate determined annually by the director. Changes in fair value are recognised in profit or loss.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

2. Employees

2025 2024
Number Number
Monthly average number of persons employed by the company during the year, including directors 3 3

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 March 2024 1,244 1,244
At 28 February 2025 1,244 1,244
Accumulated depreciation
At 01 March 2024 850 850
Charge for the financial year 99 99
At 28 February 2025 949 949
Net book value
At 28 February 2025 295 295
At 29 February 2024 394 394

4. Investment property

Investment property
£
Valuation
As at 01 March 2024 8,957,500
Additions 385,322
Fair value movement (730,322)
As at 28 February 2025 8,612,500

The investment properties are held at fair value, based on a valuation made by Mr J P Heaver (MRICS), a director, at 29 February 2025, with changes in fair value being recognised in the Profit and Loss Account.

The historic cost of the investment properties is £6,958,183 (2024 - £6,653,613).

5. Debtors

2025 2024
£ £
Trade debtors 4,011 27,596
Amounts owed by group undertakings (note 9) 112,135 103,135
Other debtors 27,482 75,207
143,628 205,938

6. Creditors: amounts falling due within one year

2025 2024
£ £
Bank loans 0 19,636
Trade creditors 33,261 61,104
Taxation and social security 23,695 28,611
Other creditors 5,905,747 5,070,060
5,962,703 5,179,411

7. Creditors: amounts falling due after more than one year

2025 2024
£ £
Other creditors 1,480,000 1,322,861

The bank loans are secured by charges over some of the company's investment property. The company's other loan of £750,000 is secured by a charge over a property owned by a director.

8. Deferred tax

2025 2024
£ £
At the beginning of financial year ( 531,257) ( 323,703)
Credited/(charged) to the Profit and Loss Account 137,792 ( 207,554)
At the end of financial year ( 393,465) ( 531,257)

9. Related party transactions

Transactions with the entity's directors

During the year, amounts totalling £900,000 were loaned to the company by E J Heaver, and amounts totalling £28,240 and £14,800 were repaid by the company to its directors, J P Heaver and E J Heaver respectively. At the balance sheet date, the amount due to JP Heaver was £4,982,227 (2024 - £5,010,467) and the amount due to E J Heaver was £885,200. These loans are interest free and repayable on demand.

10. Ultimate controlling party

Parent Company:

Heaver Capital Limited
22 Chancery Lane
London
WC2A 1LS