Company Registration No. 10191006 (England and Wales)
Heritage Property Group Ltd
Unaudited accounts
for the year ended 31 May 2019
Heritage Property Group Ltd
Unaudited accounts
Contents
Heritage Property Group Ltd
Company Information
for the year ended 31 May 2019
Directors
Ian Morton
James Waite
Company Number
10191006 (England and Wales)
Registered Office
Claremont
23 Clarendon Road
Leeds
West Yorkshire
LS2 9NZ
United Kingdom
Accountants
RAE Business Services (Yorkshire) Limited
First Floor
85 Great Portland Street
London
W1W 7LT
Heritage Property Group Ltd
Statement of financial position
as at 31 May 2019
Tangible assets
54,200
2,060,410
Investment property
2,143,064
-
Cash at bank and in hand
710
4,827
Creditors: amounts falling due within one year
(339,975)
(370,284)
Net current liabilities
(283,077)
(363,196)
Total assets less current liabilities
1,914,187
1,697,214
Creditors: amounts falling due after more than one year
(1,384,638)
(1,396,718)
Provisions for liabilities
Net assets
529,549
276,223
Called up share capital
110
110
Profit and loss account
529,439
276,113
Shareholders' funds
529,549
276,223
For the year ending 31 May 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 27 February 2020.
Ian Morton
Director
Company Registration No. 10191006
Heritage Property Group Ltd
Notes to the Accounts
for the year ended 31 May 2019
Heritage Property Group Ltd is a private company, limited by shares, registered in England and Wales, registration number 10191006. The registered office is Claremont, 23 Clarendon Road, Leeds, West Yorkshire, LS2 9NZ, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Buildings are no longer being depreciated.
Fixtures were previously depreciated at 9% but have been revised this year. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
14% - 33% on cost
Computer equipment
25% on cost
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 accounts. 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 average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
The property was revalued by the Eddisons Taylors Commercial Valuers in May 2019. The valuation of £2,195,000 is based on vacant possession.
Heritage Property Group Ltd
Notes to the Accounts
for the year ended 31 May 2019
4
Tangible fixed assets
Land & buildings
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 June 2018
1,994,423
85,577
5,159
2,085,159
Transfer to investment property
(1,994,423)
-
-
(1,994,423)
At 31 May 2019
-
85,577
5,159
90,736
At 1 June 2018
3,359
20,423
967
24,749
Charge for the year
-
13,856
1,290
15,146
On transfers from investment property
(3,359)
-
-
(3,359)
At 31 May 2019
-
34,279
2,257
36,536
At 31 May 2019
-
51,298
2,902
54,200
At 31 May 2018
1,991,064
65,154
4,192
2,060,410
Net gain from fair value adjustments
152,000
Transfers from tangible fixed assets
1,991,064
Deferred tax asset
54,563
-
Accrued income and prepayments
1,625
-
7
Creditors: amounts falling due within one year
2019
2018
Bank loans and overdrafts
-
32,385
Trade creditors
2,868
10,611
Taxes and social security
639
10,438
Other creditors
27,688
5,797
Loans from directors
302,857
311,053
Bank loans and overdrafts are secured on the assets to which they relate.
Heritage Property Group Ltd
Notes to the Accounts
for the year ended 31 May 2019
8
Creditors: amounts falling due after more than one year
2019
2018
Bank loans
1,068,245
1,242,671
Other creditors
316,393
154,047
9
Transactions with related parties
At the year end, the company owed £116,618 (2018 - £154,048) to the Directors' SSAS. Interest of £xxxx was charged. The company owed £302,857 (2018 - £311,053) to the Directors. No interest has been charged.
10
Average number of employees
During the year the average number of employees was 0 (2018: 0).
