| REGISTERED NUMBER: |
| Heritage Commercial Finance Limited |
| Unaudited Financial Statements for the Year Ended 1 October 2024 |
| REGISTERED NUMBER: |
| Heritage Commercial Finance Limited |
| Unaudited Financial Statements for the Year Ended 1 October 2024 |
| Heritage Commercial Finance Limited (Registered number: 01054019) |
| Contents of the Financial Statements |
| for the year ended 1 October 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Heritage Commercial Finance Limited |
| Company Information |
| for the year ended 1 October 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| Regent's Court |
| Princess Street |
| Hull |
| East Yorkshire |
| HU2 8BA |
| Heritage Commercial Finance Limited (Registered number: 01054019) |
| Balance Sheet |
| 1 October 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investment property | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| Heritage Commercial Finance Limited (Registered number: 01054019) |
| Balance Sheet - continued |
| 1 October 2024 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Heritage Commercial Finance Limited (Registered number: 01054019) |
| Notes to the Financial Statements |
| for the year ended 1 October 2024 |
| 1. | STATUTORY INFORMATION |
| Heritage Commercial Finance Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. The company adopted FRS 102 in the current year and there have been no transitional adjustments. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows: |
| Interest |
| Interest income is recognised using the effective interest method. |
| Tangible fixed assets |
| Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
| Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows: |
| Plant and machinery etc | - between 15% and 33% on cost |
| Investment property |
| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
| Taxation |
| Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. |
| Heritage Commercial Finance Limited (Registered number: 01054019) |
| Notes to the Financial Statements - continued |
| for the year ended 1 October 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Leases |
| Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors. |
| Where goods are sold using finance leases, the entity recognises turnover from the sale of goods and the rights to receive future lease payments as a debtor. Minimum lease payments are apportioned between finance income and the reduction of the lease debtor with finance income allocated so as to produce a constant periodic rate of interest on the net investment in the finance lease. |
| Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease. |
| Impairment |
| Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. |
| Debtors and creditors receivable / payable within one year |
| Debtors and creditors with no stated interest rate and are receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
| Loans and borrowings |
| Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value. |
| Pension costs and other post-retirement benefits |
| When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for the service. |
| The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| Heritage Commercial Finance Limited (Registered number: 01054019) |
| Notes to the Financial Statements - continued |
| for the year ended 1 October 2024 |
| 4. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Freehold | Plant and | and |
| property | machinery | fittings |
| £ | £ | £ |
| COST |
| At 2 October 2023 |
| Additions |
| Disposals |
| Reclassification/transfer |
| At 1 October 2024 |
| DEPRECIATION |
| At 2 October 2023 |
| Charge for year |
| Eliminated on disposal |
| Reclassification/transfer |
| At 1 October 2024 |
| NET BOOK VALUE |
| At 1 October 2024 |
| At 1 October 2023 |
| Motor | Computer |
| vehicles | equipment | Totals |
| £ | £ | £ |
| COST |
| At 2 October 2023 |
| Additions |
| Disposals | ( |
) | ( |
) |
| Reclassification/transfer | ( |
) | ( |
) |
| At 1 October 2024 |
| DEPRECIATION |
| At 2 October 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| Reclassification/transfer | ( |
) | ( |
) |
| At 1 October 2024 |
| NET BOOK VALUE |
| At 1 October 2024 |
| At 1 October 2023 |
| Heritage Commercial Finance Limited (Registered number: 01054019) |
| Notes to the Financial Statements - continued |
| for the year ended 1 October 2024 |
| 4. | TANGIBLE FIXED ASSETS - continued |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Motor |
| vehicles |
| £ |
| COST |
| At 2 October 2023 |
| Additions |
| Disposals | ( |
) |
| Reclassification/transfer | ( |
) |
| At 1 October 2024 |
| DEPRECIATION |
| At 2 October 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| Reclassification/transfer | ( |
) |
| At 1 October 2024 |
| NET BOOK VALUE |
| At 1 October 2024 |
| At 1 October 2023 |
| 5. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 2 October 2023 |
| and 1 October 2024 |
| NET BOOK VALUE |
| At 1 October 2024 |
| At 1 October 2023 |
| The market value of investment property has been assessed by the directors. |
| Fair value at 1 October 2024 is represented by: |
| £ |
| Valuation in 2021 | 134,981 |
| Cost | 35,019 |
| 170,000 |
| Heritage Commercial Finance Limited (Registered number: 01054019) |
| Notes to the Financial Statements - continued |
| for the year ended 1 October 2024 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Hire purchase contracts |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Hire purchase contracts |
| Preference shares |
| Amounts falling due in more than five years: |
| Repayable otherwise than by instalments |
| Preference shares |
| 9. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2024 | 2023 |
| £ | £ |
| Hire purchase contracts | 196,136 | 12,150 |
| Hire purchase contracts are secured over the assets to which the agreement relates. |
| 10. | COMMITMENTS, GUARANTEES AND CONTINGENCIES |
| Total operating lease commitments which are not included in the balance sheet amounted to £26,000 (2023: £26,000). |
| 11. | RELATED PARTY DISCLOSURES |
| Transactions with directors | 2023 | 2022 |
| £ | £ |
| Amount due to directors | 360,089 | 396,503 |