Heritage Developments (Ludlow) Limited

(Registration number: 05257667)
Balance Sheet as at 31 March 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	4	5,119	6,443
Current assets
Stocks	5	633,704	988,984
Debtors	6	547	1,791
Cash at bank and in hand		145,288	55,117
		779,539	1,045,892
Creditors: Amounts falling due within one year	7	(364,763)	(220,622)
Net current assets		414,776	825,270
Total assets less current liabilities		419,895	831,713
Creditors: Amounts falling due after more than one year	7	(10,000)	(484,348)
Net assets		409,895	347,365
Capital and reserves
Called up share capital		100	100
Retained earnings		409,795	347,265
Shareholders' funds		409,895	347,365

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 members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 27 October 2025 and signed on its behalf by:
 

......................................... Mr S P Barnes Company secretary and director

Heritage Developments (Ludlow) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

1	General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Fairfield
Barnsland Farm
Cleobury Mortimer
Kidderminster
Worcestershire
DY14 8QU

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant, machinery and office equipment	25% on reducing balance

Heritage Developments (Ludlow) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Motor vehicles

25% on reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. 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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Heritage Developments (Ludlow) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2024 - 2).

Heritage Developments (Ludlow) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

4	Tangible assets

	Furniture, fittings and equipment  £	Motor vehicles  £	Total £
Cost or valuation
At 1 April 2024	164,281	311	164,592
Additions	412	-	412
At 31 March 2025	164,693	311	165,004
Depreciation
At 1 April 2024	157,840	309	158,149
Charge for the year	1,736	-	1,736
At 31 March 2025	159,576	309	159,885
Carrying amount
At 31 March 2025	5,117	2	5,119
At 31 March 2024	6,441	2	6,443

5

Stocks

	2025 £	2024 £
Other inventories	633,704	988,984

6

Debtors

Current	2025 £	2024 £
Prepayments	547	1,369
Other debtors	-	422
	547	1,791

Heritage Developments (Ludlow) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

7

Creditors

Creditors: amounts falling due within one year

	Note	2025 £	2024 £
Due within one year
Loans and borrowings	8	372	372
Taxation and social security		52	-
Accruals and deferred income		9,116	9,116
Other creditors		355,223	211,134
		364,763	220,622

Creditors: amounts falling due after more than one year

	Note	2025 £	2024 £
Due after one year
Loans and borrowings	8	10,000	484,348

8	Loans and borrowings

Non-current loans and borrowings

	2025 £	2024 £
Bank borrowings	10,000	484,348

Current loans and borrowings

	2025 £	2024 £
Bank overdrafts	372	372