Company Registration No. 10191006 (England and Wales)
Heritage Property Group Ltd
Unaudited accounts
for the year ended 31 May 2022
Heritage Property Group Ltd
Unaudited accounts
Contents
Heritage Property Group Ltd
Company Information
for the year ended 31 May 2022
Directors
Ian Morton
James Waite
Company Number
10191006 (England and Wales)
Registered Office
Brunswick House
Leeds Road
OTLEY
West Yorkshire
LS21 1DL
United Kingdom
Accountants
RAE Business Services (Yorkshire) Limited
First Floor
85 Great Portland Street
London
W1W 7LT
Heritage Property Group Ltd
Accountants' report
Accountants' report to the board of directors of Heritage Property Group Ltd on the preparation of the unaudited statutory accounts for the year ended 31 May 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of
Heritage Property Group Ltd for the year ended
31 May 2022 as set out on pages
5 -
8 from the company's accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of Heritage Property Group Ltd, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of Heritage Property Group Ltd and state those matters that we have agreed to state to them, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Heritage Property Group Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Heritage Property Group Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Heritage Property Group Ltd. You consider that Heritage Property Group Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Heritage Property Group Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
RAE Business Services (Yorkshire) Limited
First Floor
85 Great Portland Street
London
W1W 7LT
8 February 2023
Heritage Property Group Ltd
Statement of financial position
as at 31 May 2022
Tangible assets
9,730
23,908
Investment property
2,143,064
2,143,064
Cash at bank and in hand
74
24,677
Creditors: amounts falling due within one year
(31,931)
(53,352)
Net current assets
9,383
5,826
Total assets less current liabilities
2,162,177
2,172,798
Creditors: amounts falling due after more than one year
(1,523,994)
(1,564,059)
Net assets
638,183
608,739
Called up share capital
110
110
Profit and loss account
638,073
608,629
Shareholders' funds
638,183
608,739
For the year ending 31 May 2022 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.
The financial statements were approved by the Board of Directors and authorised for issue on 24 February 2023 and were signed on its behalf by
James Waite
Director
Company Registration No. 10191006
Heritage Property Group Ltd
Notes to the Accounts
for the year ended 31 May 2022
Heritage Property Group Ltd is a private company, limited by shares, registered in England and Wales, registration number 10191006. The registered office is Brunswick House, Leeds Road, OTLEY, West Yorkshire, LS21 1DL, 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 2022
4
Tangible fixed assets
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 June 2021
85,577
5,159
90,736
At 31 May 2022
85,577
5,159
90,736
At 1 June 2021
61,991
4,837
66,828
Charge for the year
13,856
322
14,178
At 31 May 2022
75,847
5,159
81,006
At 31 May 2022
9,730
-
9,730
At 31 May 2021
23,586
322
23,908
Fair value at 1 June 2021
2,143,064
Amounts falling due within one year
Deferred tax asset
18,626
28,859
Accrued income and prepayments
6,754
3,447
Other debtors
15,860
2,195
7
Creditors: amounts falling due within one year
2022
2021
Trade creditors
11,994
4,547
Other creditors
18,319
11,309
Loans from directors
-
35,191
Bank loans and overdrafts are secured on the assets to which they relate.
8
Creditors: amounts falling due after more than one year
2022
2021
Bank loans
1,523,994
1,523,994
Heritage Property Group Ltd
Notes to the Accounts
for the year ended 31 May 2022
The overdrawn Directors loan was repaid by 28/2/2023.
10
Transactions with related parties
Included in other creditors are related company balances of £18,320 (2021 - £ 264,918). No interest has been charged.
At the year end, the overdrawn director's loan balance was £15,860 (2021 - £35,192 credit). Interest at 2.5% has been charged. The loan was repaid by 28/2/2023.
11
Average number of employees
During the year the average number of employees was 0 (2021: 0).
