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REGISTERED NUMBER: 01054019 (England and Wales)






















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: Mrs M A Wright
Mrs A J Lee
M A Wright





SECRETARY: M A Wright





REGISTERED OFFICE: 1 The Old Foundry
Cowgate
Welton
Brough
East Yorkshire
HU15 1NB





REGISTERED NUMBER: 01054019 (England and Wales)





ACCOUNTANTS: Smailes Goldie
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 4 588,420 475,246
Investment property 5 170,000 170,000
758,420 645,246

CURRENT ASSETS
Debtors 6 15,333,121 14,762,897
Cash at bank and in hand 601,605 487,836
15,934,726 15,250,733
CREDITORS
Amounts falling due within one year 7 5,748,454 5,151,239
NET CURRENT ASSETS 10,186,272 10,099,494
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,944,692

10,744,740

CREDITORS
Amounts falling due after more than one
year

8

(1,914,307

)

(1,800,000

)

PROVISIONS FOR LIABILITIES (37,116 ) (37,711 )
NET ASSETS 8,993,269 8,907,029

CAPITAL AND RESERVES
Called up share capital 2,000 2,000
Retained earnings 8,991,269 8,905,029
SHAREHOLDERS' FUNDS 8,993,269 8,907,029

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 1 October 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 1 October 2024 in accordance with Section 476 of the Companies Act 2006.

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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 June 2025 and were signed on its behalf by:





M A Wright - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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 6 (2023 - 6 ) .

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 219,441 19,250 24,913
Additions - - -
Disposals - - -
Reclassification/transfer - - -
At 1 October 2024 219,441 19,250 24,913
DEPRECIATION
At 2 October 2023 - 19,250 22,084
Charge for year - - 1,014
Eliminated on disposal - - -
Reclassification/transfer - - -
At 1 October 2024 - 19,250 23,098
NET BOOK VALUE
At 1 October 2024 219,441 - 1,815
At 1 October 2023 219,441 - 2,829

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 2 October 2023 579,817 44,341 887,762
Additions 208,598 5,283 213,881
Disposals (115,373 ) - (115,373 )
Reclassification/transfer (17,298 ) - (17,298 )
At 1 October 2024 655,744 49,624 968,972
DEPRECIATION
At 2 October 2023 335,646 35,536 412,516
Charge for year 61,155 5,463 67,632
Eliminated on disposal (82,298 ) - (82,298 )
Reclassification/transfer (17,298 ) - (17,298 )
At 1 October 2024 297,205 40,999 380,552
NET BOOK VALUE
At 1 October 2024 358,539 8,625 588,420
At 1 October 2023 244,171 8,805 475,246

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 264,263
Additions 208,598
Disposals (115,373 )
Reclassification/transfer (17,166 )
At 1 October 2024 340,322
DEPRECIATION
At 2 October 2023 184,089
Charge for year 34,327
Eliminated on disposal (82,298 )
Reclassification/transfer (30,842 )
At 1 October 2024 105,276
NET BOOK VALUE
At 1 October 2024 235,046
At 1 October 2023 80,174

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 2 October 2023
and 1 October 2024 170,000
NET BOOK VALUE
At 1 October 2024 170,000
At 1 October 2023 170,000

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 15,317,004 14,726,249
Other debtors 16,117 36,648
15,333,121 14,762,897

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 81,829 12,150
Trade creditors 74,203 45,086
Taxation and social security 556,704 306,407
Other creditors 5,035,718 4,787,596
5,748,454 5,151,239

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts 114,307 -
Preference shares 1,800,000 1,800,000
1,914,307 1,800,000

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Preference shares 1,800,000 1,800,000

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