Company registration number 12173564 (England and Wales)
HEARTWOOD VENTURES UK LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
PAGES FOR FILING WITH REGISTRAR
HEARTWOOD VENTURES UK LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
HEARTWOOD VENTURES UK LIMITED (REGISTERED NUMBER: 12173564)
BALANCE SHEET
AS AT
28 FEBRUARY 2025
28 February 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investments
4
200,000
200,000
Current assets
Debtors
6
100
100
Cash at bank and in hand
765
308
865
408
Creditors: amounts falling due within one year
7
(3,719)
(3,700)
Net current liabilities
(2,854)
(3,292)
Net assets
197,146
196,708
Capital and reserves
Called up share capital
340
334
Share premium account
239,760
233,766
Distributable profit and loss reserves
(42,954)
(37,392)
Total equity
197,146
196,708

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 23 September 2025 and are signed on its behalf by:
Lawrence John Whall
Director
HEARTWOOD VENTURES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 2 -
1
Accounting policies
Company information

Heartwood Ventures UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is 4th Floor, 399-401 Strand, London, WC2R 0LT.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future.

The company has the ongoing support of its parent company.

1.3
Fixed asset investments

Investments are valued at fair value based upon future cash flows and return on capital.

1.4
Financial instruments
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

HEARTWOOD VENTURES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Due to uncertainties inherent in the estimation process, the Company regularly revises its estimates in light of currently available information. Final outcomes could differ from those estimates.

The key estimates used by the Company in preparing the Financial Statements relate to:

- the measurement of the investment at fair value.

The investment represents an effective shareholding of 2.83% in a proposed development project based in Glasgow, Scotland. The initial value was based on the transaction price paid of £200,000.

As at 28 February 202 5, the investment was valued based upon the 2.83% shareholding this company has of the net asset value of the company invested in. The net asset value includes the fair value of the property in Glasgow which was valued by a third party chartered surveyor.

HEARTWOOD VENTURES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 4 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
2
2
4
Fixed asset investments
2025
2024
£
£
Other investments other than loans
200,000
200,000
5
Financial instruments
2025
2024
£
£
Carrying amount of financial assets include:
Instruments measured at fair value through profit or loss
200,000
200,000
6
Debtors
2025
2024
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
100
100
7
Creditors: amounts falling due within one year
2025
2024
£
£
Other creditors
3,719
3,700
8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

HEARTWOOD VENTURES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
8
Audit report information
(Continued)
- 5 -
Opinion

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 28 February 2025 and of its loss for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Senior Statutory Auditor:
Declan McCusker
Statutory Auditor:
Perrys Audit Limited
Date of audit report:
3 October 2025
9
Parent company

At the year-end the Company's immediate and ultimate parent company was Heartwood Properties Limited, a company incorporated in South Africa.

Heartwood Properties Limited prepared consolidated financial statements which are available at Unit 8 Tonquani House, 6 Gardener Williams Avenue, Paardevlei, Somerset West, South Africa.

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