HERONSLEA_(WHITE_HOUSE)_L - Accounts
HERONSLEA_(WHITE_HOUSE)_L - Accounts
Heronslea (White House) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Finsgate, 5-7 Cranwood Street, London, EC1V 9EE.
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.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
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 financial instruments at fair value. The principal accounting policies adopted are set out below.
After making enquiries, the directors have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. This will also depend on the continuing support of the other creditors. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
The financial statements do not include any adjustments that would result if the other creditors' support were withdrawn.
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.
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.
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 payments 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. Amounts 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.
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
At the balance sheet date, the company owed £8,502 (2017: £8,502 ) to Heronslea House Limited and £121,540 (2017: £118,040) to Heronslea Limited, companies in which J M Rishover and J D Rishover are also directors.
At the year end, the company accrued £80,000 (2017 - £Nil) to be charged to Heronslea (Radlett 2)
Limited, in relation to management charges. Heronslea (Radlett 2) Limited is the parent of the company.
The company is a wholly owned subsidiary of Heronslea (Radlett 2) Limited.