HERONSLEA_(BROOKSHILL)_LI - Accounts
HERONSLEA_(BROOKSHILL)_LI - Accounts
Heronslea (Brookshill) 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.
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 £.
These financial statements for the year ended 30 April 2019 are the first financial statements of Heronslea (Brookshill) Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 May 2017. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 4 ‘Statement of Financial Position’: Reconciliation of the opening and closing number of shares;
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
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 directors and 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 results if the directors and other creditos' 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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
The average monthly number of persons (including directors) employed by the company during the year was
Included within other creditors are loan agreement entered with Aura Finance Limited. This loan is secured by a freehold property Hillside, Brookshill Harrow, HA3 6RP and is registered under the title number AGL354941. This charge remained outstanding at the balance sheet date.
At the end of the year, the company owed £945,856 (2018: owed £727,872) to Heronslea Limited, a company in which J M Rishover and J D Rishover are directors.
At the end of the year, the company owed £200,000 (2018: £200,000) to Heronslea (Loom) Limited, a company in which J M Rishover, J D Rishover and J L Craig are directors.
At the end of the year, the company owed £100,000 (2018: £200,000) to Heroncock Limited, a company in which J M Rishover is a director.
At the end of the year, the company owed £50,000 (2018; £Nil) to JH Shelco 4 Limited, a company in which J D Rishover is a director.
At the end of the year, the company owed £50,000 (2018: £Nil) to Rishco Limited, a company in which J M Rishover is a director.
At the year end, the company was owed £162,000 (2018: accrued £135,000 management charges) to Heronslea (Sparrows) Limited, a company in which J M Rishover, J D Rishover and J L Craig are directors.
The ultimate controlling party are the directors.