Company No: 00759931 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	478		597
Investment property	4	275,000		275,000
		275,478		275,597
Current assets
Debtors
- due within one year	5	8,941		7,405
- due after more than one year	5	64,902		28,836
Cash at bank and in hand		15,295		47,754
		89,138		83,995
Creditors: amounts falling due within one year	6	( 22,741)		( 21,498)
Net current assets		66,397		62,497
Total assets less current liabilities		341,875		338,094
Provision for liabilities	7	( 29,702)		( 29,702)
Net assets		312,173		308,392
Capital and reserves
Called-up share capital		5,000		5,000
Undistributable reserve		200,259		200,259
Profit and loss account		106,914		103,133
Total shareholder's funds		312,173		308,392

For the financial year ending 31 March 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Heathfield Industrial Building Limited (registered number: 00759931) were approved and authorised for issue by the Board of Directors on 08 September 2025. They were signed on its behalf by:

D M B Kite Director

S J L Penny Director

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

Heathfield Industrial Building 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 Goodwood House, Blackbrook Park Avenue, Taunton, TA1 2PX, 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 £.

Turnover

Turnover comprises the fair value of the consideration received or receivable as rental income in the ordinary course of the company's activities.

The company recognises revenue in the period of occupation by the tenant.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Fixtures and fittings

20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss and unrealised gains are transferred to undistributable reserves. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts. If there is an unconditional right to receive settlement for at least twelve months after the reporting date, they are presented as non-current debtors.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	6		6

3. Tangible assets

	Fixtures and fittings		Total
	£		£
Cost
At 01 April 2024	6,027		6,027
At 31 March 2025	6,027		6,027
Accumulated depreciation
At 01 April 2024	5,430		5,430
Charge for the financial year	119		119
At 31 March 2025	5,549		5,549
Net book value
At 31 March 2025	478		478
At 31 March 2024	597		597

4. Investment property

	Investment property
	£
Valuation
As at 01 April 2024	275,000
As at 31 March 2025	275,000

Valuation

The value of investment property is derived from observable current market prices for comparable real estate determined by the directors. The assets have a current value of £275,000 (2024 - £275,000) and a historic cost of £45,039 (2024 - £45,039).

5. Debtors

	2025		2024
	£		£
Debtors: amounts falling due within one year
Trade debtors	3,367		1,942
Other debtors	5,574		5,463
	8,941		7,405
Debtors: amounts falling due after more than one year
Amounts owed by Parent undertakings	57,702		21,936
Other debtors	7,200		6,900
	64,902		28,836

6. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	1,146		240
Taxation and social security	3,388		5,335
Other creditors	18,207		15,923
	22,741		21,498

7. Provision for liabilities

	2025		2024
	£		£
Deferred tax	29,702		29,702

8. Financial commitments

Commitments

The total amount of financial commitments not included in the balance sheet is £38,240 (2024 - £39,200) in respect of ground rent on a long leasehold for the investment property.

9. Ultimate controlling party

Parent Company:

Thos S Penny Limited

Goodwood House, Blackbrook Park Avenue, Taunton, Somerset, TA1 2PX