Heart of England Properties Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03322727 (England and Wales)

FINANCIAL STATEMENTS

FOR THE PERIOD

1 OCTOBER 2018 TO 31 MARCH 2020

FOR

HEART OF ENGLAND PROPERTIES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Ms J H Briggs

REGISTERED OFFICE:

Perton Manor

Wrottesley Park Road

Perton

South Staffordshire

WV8 2HE

REGISTERED NUMBER:

03322727 (England and Wales)

ACCOUNTANTS:

TGFP

Chartered Accountants

Fulford House

Newbold Terrace

Leamington Spa

Warwickshire

CV32 4EA

FIXED ASSETS

Tangible assets

4

674,342

632,421

CURRENT ASSETS

Stocks

1,450

1,450

Debtors

5

3,309,111

995,552

Cash at bank and in hand

182,466

672,977

3,493,027

1,669,979

CREDITORS

Amounts falling due within one year

6

578,744

486,387

NET CURRENT ASSETS

2,914,283

1,183,592

TOTAL ASSETS LESS CURRENT LIABILITIES

3,588,625

1,816,013

CREDITORS

Amounts falling due after more than one year

7

1,695,392

1,028,120

NET ASSETS

1,893,233

787,893

CAPITAL AND RESERVES

Called up and paid share capital

100

100

Retained earnings

1,893,133

787,793

SHAREHOLDERS' FUNDS

1,893,233

787,893

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 March 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 16 March 2021 and were signed by:

Ms J H Briggs - Director

1.	STATUTORY INFORMATION

Heart of England Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents fees receivable for the year. The company is not registered for value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

2% on cost

Fixtures, fittings and equipment

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

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.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 93 (2018 - 98 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures,

fittings

Freehold

and

property

equipment

Totals

£

£

£

COST

At 1 October 2018

630,192

361,085

991,277

Additions

45,683

17,240

62,923

At 31 March 2020

675,875

378,325

1,054,200

DEPRECIATION

At 1 October 2018

42,472

316,384

358,856

Charge for period

5,517

15,485

21,002

At 31 March 2020

47,989

331,869

379,858

NET BOOK VALUE

At 31 March 2020

627,886

46,456

674,342

At 30 September 2018

587,720

44,701

632,421

5.

DEBTORS

2020

2018

£

£

Amounts falling due within one year:

Trade debtors

490,763

759,800

Amounts falling due after more than one year:

Amounts owed by group undertakings

2,580,796

-

Other debtors

237,552

235,752

2,818,348

235,752

Aggregate amounts

3,309,111

995,552

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2018

£

£

Bank loans and overdrafts

83,128

171,971

Trade creditors

81,998

47,879

Amounts owed to group undertakings

58,636

-

Tax

249,120

28,305

Social security and other taxes

13,207

25,136

Directors' current accounts

88,035

208,896

Accruals and deferred income

4,620

4,200

578,744

486,387

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2018

£

£

Bank loans - 1-2 years

83,128

-

Bank loans - 2-5 years

249,384

-

Bank loans more 5 yr by instal

334,760

-

Other creditors

1,028,120

-

Directors' current account

-

1,028,120

1,695,392

1,028,120

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

334,760

-

8.	SECURED DEBTS

The Royal Bank of Scotland plc hold a debenture dated 13 March 2013 over the assets of the company.

The Royal Bank of Scotland plc hold a Legal Charge dated 5 April 2013 over the assets of the company.