Hearthcote Property Services Ltd - Accounts to registrar (filleted)

REGISTERED NUMBER: 02008999 (England and Wales)

Hearthcote Property Services Ltd

Financial Statements for the Year Ended 31 December 2024

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr M D Deary

Mr M J Pedley

SECRETARY:

Mr G J Trafford

REGISTERED OFFICE:

Henderson House

Langley Place

Higgins Lane

Burscough

Lancashire

L40 8JS

REGISTERED NUMBER:

02008999 (England and Wales)

AUDITORS:

Advance Audit Limited

Statutory Auditor

71/73 Hoghton Street

Southport

Merseyside

PR9 0PR

FIXED ASSETS

Tangible assets

4

9,092

9,241

CURRENT ASSETS

Debtors

5

254

87

Cash at bank

20

274

107

CREDITORS

Amounts falling due within one year

6

1,733

1,202

NET CURRENT LIABILITIES

(1,459

)

(1,095

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

7,633

8,146

CREDITORS

Amounts falling due after more than one
year

7

4,911

5,553

NET ASSETS

2,722

2,593

CAPITAL AND RESERVES

Called up share capital

9

1,325

Retained earnings

1,397

1,268

SHAREHOLDERS' FUNDS

2,722

2,593

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 September 2025 and were signed on its behalf by:

Mr M J Pedley - Director

1.	STATUTORY INFORMATION

Hearthcote Property Services Ltd 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.

The presentation currency of these financial statements is sterling. All amounts in the financial statements have been rounded to the neared £1,000.

The Company's parent undertaking, Soletanche Freyssinet S.A., includes the Company in its consolidated financial statements. The consolidated financial statements of Soletanche Freyssinet S.A are prepared in accordance with International Financial Reporting Standards as adopted by the EU and are available to the public and may be obtained from Mr G Trafford, Henderson House, Langley Place, Burscough, Lancashire.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Going concern

The financial statements have been prepared on the going concern basis. The Company is dependent for its working capital on long term funds provided to it by VINCI Finance International, a related party.

The directors have reviewed the financial position of the Company. The underlying operations of the Company generate positive cash flow from operating activities and the nature of its funding means it has adequate funding facilities available to it. On this basis, the directors believe it is appropriate to prepare the accounts on a going concern basis.

Based on this assessment the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and the directors believe that it remains appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that would result from the basis of preparation being inappropriate.

The Group has a proven history of supporting its UK subsidiaries and the Board is confident it will continue to make available such funds as are needed by the Company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Expenses

Interest payable and similar charges include interest payable.

Other interest receivable and similar income include interest receivable on funds invested.

Interest income and interest payable are recognised in profit and loss as they accrue, using the effective interest method.

Investment property

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.

Following early adoption of the Triennial Review 2017 Amendments, any investment properties rented to another group entity can be recognised either:

i. At cost wherby the deemed cost is the fair value at the date of transition; or

ii. At historical cost of the property, less any depreciation or impairment as if the property had always been carried at cost

Depreciation is charged to the profit and loss account on a straight line basis over the estimated useful lives of each part of an item of tangible fixed assets. Land is not depreciated. The estimated useful lives are as follows:

Property 20 - 25 years

Depreciation methods, useful lives and residual lives are reviewed if there is an indication of a significant change since the last annual reporting date in the pattern by which the Company expects to consume an asset's future economic benefits.

Impairment excluding investment properties and deferred tax assets

Financial assets (including trade and other debtors)

A financial asset not carried at fair value through profit or loss is assessed at each reporting date to determine whether there is objective evidence that it is impaired. A financial asset is impaired if objective evidence indicates that a loss event has occurred after the initial recognition of the asset, and that the loss event had a negative effect on the estimated future cash flows of that asset that can be estimated reliably.

An impairment loss in respect of a financial asset measured at amortised cost is calculated as the difference between its carrying amount and the present value of the estimated future cash flows discounted at the assets original effective interest rate. For financial instruments measured at cost less impairment an impairment is calculated as the difference between its carrying amount and the best estimate of the amount that the Company would receive for the asset if it were to be sold at the reporting date. Interest on the impaired asset continues to be recognised through the unwinding of the discount. Impairment losses are recognised in the profit or loss. When a subsequent event causes the amount of impairment loss to decrease, the decrease in impairment loss is reversed through profit and loss.

Basic financial instruments

Trade and other debtors / creditors

Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised costs using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument.

Interest-bearing borrowings classified as basic financial instruments

Interest-bearing borrowings are recognised initially at the present value of future payments discounted at a market rate of interest. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost using the effective interest method, less any impairment losses.

Cash and cash equivalents

Cash and cash equivalents comprise cash balances and call deposits.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4.	TANGIBLE FIXED ASSETS

Land

Buildings

Totals

£'000

COST

At 1 January 2024

and 31 December 2024

6,531

3,595

10,126

DEPRECIATION

At 1 January 2024

-

885

Charge for year

-

149

At 31 December 2024

-

1,034

NET BOOK VALUE

At 31 December 2024

6,531

2,561

9,092

At 31 December 2023

6,531

2,710

9,241

On early adoption of the Triennial Review in 2017 with a transition date of 1 January 2017, investment property rented to another group company has been recorded at cost less any depreciation or impairment, wherby the deemed cost is the fair value at the date of transition.

Rental income is accounted for as described in the turnover accounting policy.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£'000

Amounts owed by group undertakings

233

76

Other debtors

21

11

254

87

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£'000

Bank loans and overdrafts (see note 8)

681

141

Trade creditors

3

Amounts owed to group undertakings

752

769

Taxation and social security

117

71

Other creditors

180

218

1,733

1,202

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

2024

2023

£'000

Amounts owed to group undertakings

4,911

5,553

8.

LOANS

This note provides information about the contractual terms of the Company's interest-bearing loans and borrowings, which are measured at amortised cost.

2024

2023

£'000

Creditors falling due more than one year

Intra-group loans

4,911

5,553

4,911

5,553

Creditors falling due within less than one year

Intra-group loans

752

769

752

769

Terms and debt repayment schedule

Currency

Nominal
Interest Rate

Year of
Maturity

Repayment
Schedule

2024

2023

£'000

Intra-
group
loan

GBP

SONIA
Compounded
Index + 0.96%

2028

Bi- annually

3,757

4,099

Intra-
group
loan

GBP

SONIA
Compounded
Index + 1.08%

2030

Quarterly

1,906

2,223

5,663

6,322

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£'000

1,325,000

Ordinary

£1

1,325

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Jennifer Tobin FCCA (Senior Statutory Auditor)

for and on behalf of Advance Audit Limited

11.	CAPITAL COMMITMENTS

2024

2023

£'000

Contracted but not provided for in the

financial statements

560

-

12.	ULTIMATE PARENT COMPANY AND PARENT COMPANY OF LARGER GROUP

The Company is a subsidiary undertaking of Soletanche Freyssinet S.A., incorporated in France. The ultimate controlling party is Vinci S.A., incorporated in France.

The largest group in which the results of the Company are consolidated is that headed by Vinci S.A.. The smallest group in which they are consolidated is that headed by Soletanche Freyssinet S.A. incorporated in France. The consolidated financial statements of these groups are available to the public and may be obtained from Mr G Trafford, Henderson House, Langley Place, Burscough, Lancashire.