ACCOUNTS - Final Accounts

HEATH FLATS LIMITED - Company Information

Caseware UK (AP4) 2021.0.152 2021.0.152 2022-03-312022-03-312021-04-01falseNo description of principal activity22falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 00580196 2021-04-01 2022-03-31 00580196 2020-04-01 2021-03-31 00580196 2022-03-31 00580196 2021-03-31 00580196 c:Director4 2021-04-01 2022-03-31 00580196 c:Director6 2021-04-01 2022-03-31 00580196 d:CurrentFinancialInstruments 2022-03-31 00580196 d:CurrentFinancialInstruments 2021-03-31 00580196 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 00580196 d:CurrentFinancialInstruments d:WithinOneYear 2021-03-31 00580196 d:ShareCapital 2022-03-31 00580196 d:ShareCapital 2021-03-31 00580196 d:CapitalRedemptionReserve 2021-04-01 2022-03-31 00580196 d:CapitalRedemptionReserve 2022-03-31 00580196 d:CapitalRedemptionReserve 2021-03-31 00580196 d:RetainedEarningsAccumulatedLosses 2021-04-01 2022-03-31 00580196 d:RetainedEarningsAccumulatedLosses 2022-03-31 00580196 d:RetainedEarningsAccumulatedLosses 2021-03-31 00580196 c:FRS102 2021-04-01 2022-03-31 00580196 c:AuditExempt-NoAccountantsReport 2021-04-01 2022-03-31 00580196 c:FullAccounts 2021-04-01 2022-03-31 00580196 c:PrivateLimitedCompanyLtd 2021-04-01 2022-03-31 00580196 2 2021-04-01 2022-03-31 00580196 6 2021-04-01 2022-03-31 00580196 d:OtherDeferredTax 2022-03-31 00580196 d:OtherDeferredTax 2021-03-31 00580196 1 2022-03-31 00580196 1 2021-03-31 iso4217:GBP xbrli:pure

Registered number: 00580196

HEATH FLATS LIMITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2022

HEATH FLATS LIMITED

REGISTERED NUMBER: 00580196

STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2022

		2022		2021
Note		£		£

Fixed assets
Investments	4		2,457,787		2,526,120
			2,457,787		2,526,120
Current assets
Debtors: amounts falling due within one year	5	135,000		98,038
Cash at bank and in hand		23,069		43,849
		158,069		141,887
Creditors: amounts falling due within one year	6	(52,851)		(98,748)
Net current assets			105,218		43,139
Total assets less current liabilities			2,563,005		2,569,259
Provisions for liabilities
Deferred tax	7	(107,317)		(91,407)
			(107,317)		(91,407)
Net assets			2,455,688		2,477,852

Capital and reserves
Called up share capital		85	85
Capital redemption reserve	8	15	15
Profit and loss account	8	2,455,588	2,477,752
		2,455,688	2,477,852

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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HEATH FLATS LIMITED

REGISTERED NUMBER: 00580196

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 MARCH 2022

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 18 November 2022.

J K Russell	J V Benson
Director	Director

The notes on pages 3 to 7 form part of these financial statements.

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HEATH FLATS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

1.	General information

Heath Flats Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is 30 Orange Street, London, WC2H 7HF.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

2.4

Interest income

Interest income is recognised in the Statement of income and retained earnings as received.

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HEATH FLATS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

2.Accounting policies (continued)

2.5

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

2.6

Creditors

Short term creditors are measured at the transaction price.

2.7

Debtors

Short term debtors are measured at transaction price, less any impairment.

2.8

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of financial position.

2.9

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans to related parties.

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HEATH FLATS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

2.Accounting policies (continued)

2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

2.11

Dividends

Equity dividends are recognised when they become legally payable.

Employees

The average monthly number of employees, including directors, during the year was 2 (2021 - 2).

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HEATH FLATS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

4.	Fixed asset investments

		Listed investments
		£
	Cost or valuation
	At 1 April 2021	2,526,120
	Additions	358,721
	Disposals	(597,049)
	Revaluations	169,995
	At 31 March 2022	2,457,787

	Net book value
	At 31 March 2022	2,457,787
	At 31 March 2021	2,526,120

Debtors

					2022	2021
					£	£


The Estate of K. E. Russell	135,000	98,038
	135,000	98,038

6.	Creditors: Amounts falling due within one year
		2022	2021
		£	£

Corporation tax	14,166	54,423
Other taxation and social security	-	4,200
Other creditors	31,845	32,745
Accruals	6,840	7,380
	52,851	98,748

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HEATH FLATS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

7.	Deferred taxation

		2022
		£

	At beginning of year	(91,407)
	Charged to profit or loss	(15,910)
	At end of year	(107,317)

The provision for deferred taxation is made up as follows:
	2022	2021
	£	£

	Revaluation gains	(107,317)	(91,407)
		(107,317)	(91,407)

Reserves

Capital redemption reserve

The capital redemption reserve arose on the buy back of shares in order to maintain the capital base of the company.

Profit & loss account

This includes unrealised gains on revaluation of investments of £487,236 which are not distributable reserves.

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