Company registration number 04576911 (England and Wales)
HEART OF ENGLAND MOTORHOMES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
HEART OF ENGLAND MOTORHOMES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
HEART OF ENGLAND MOTORHOMES LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
5
6,294
2,107
Investment properties
6
315,519
316,464
321,813
318,571
Current assets
Stocks
814,815
769,593
Debtors
7
62,037
58,419
Cash at bank and in hand
70,846
43,204
947,698
871,216
Creditors: amounts falling due within one year
8
(712,097)
(672,788)
Net current assets
235,601
198,428
Total assets less current liabilities
557,414
516,999
Creditors: amounts falling due after more than one year
9
(149,330)
(151,515)
Net assets
408,084
365,484
Capital and reserves
Called up share capital
500
500
Share premium account
49,500
49,500
Capital redemption reserve
500
500
Profit and loss reserves
357,584
314,984
Total equity
408,084
365,484
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
HEART OF ENGLAND MOTORHOMES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2022
31 December 2022
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 9 March 2023 and are signed on its behalf by:
J G Rowlands
Director
Company Registration No. 04576911
HEART OF ENGLAND MOTORHOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 3 -
1
Accounting policies
Company information
Heart of England Motorhomes Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Watling Street, Weedon, Northamptonshire, NN7 4QQ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that
it is probable will be
recover
ed
.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
20% on cost
Motor vehicles
25% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
HEART OF ENGLAND MOTORHOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
Changes in fair value are recognised in profit or loss.
1.5
Impairment of fixed assets
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each reporting date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
HEART OF ENGLAND MOTORHOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 5 -
1.8
Financial instruments
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Debtors and creditors with no stated interest rate and receivable or payable within one year are measured at transaction price. Any losses arising from impairment are recognised in the profit and loss account.
Investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value which is normally the transaction price excluding transaction costs. Such assets are subsequently measured at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Derivative financial instruments are initially measured at fair value at the date on which a derivative contract is entered into and are subsequently measured at fair value through profit or loss.
Basic financial assets
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.
Classification of financial liabilities
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
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
paymen
ts 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. A
m
ounts 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.
1.9
Equity instruments
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.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
HEART OF ENGLAND MOTORHOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 6 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
profit and loss account
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
. The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Company contributions to defined contribution plans for the benefit of employee's are expensed as they become payable.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.14
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.15
Foreign exchange
Transactions in currencies other than
pounds sterling
are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
HEART OF ENGLAND MOTORHOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 7 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
10
8
4
Taxation
2022
2021
£
£
Current tax
UK corporation tax on profits for the current period
26,015
33,265
5
Tangible fixed assets
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
Cost
At 1 January 2022
76,894
32,103
108,997
Additions
6,346
6,346
Disposals
(5,128)
(5,128)
At 31 December 2022
83,240
26,975
110,215
Depreciation and impairment
At 1 January 2022
75,682
31,208
106,890
Depreciation charged in the year
1,264
895
2,159
Eliminated in respect of disposals
(5,128)
(5,128)
At 31 December 2022
76,946
26,975
103,921
Carrying amount
At 31 December 2022
6,294
6,294
At 31 December 2021
1,212
895
2,107
HEART OF ENGLAND MOTORHOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 8 -
6
Investment property
2022
£
Fair value
At 1 January 2022
316,464
Disposals
(945)
At 31 December 2022
315,519
7
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
40,795
28,854
Other debtors
21,595
Prepayments and accrued income
21,242
7,970
62,037
58,419
8
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
45,455
49,242
Trade creditors
376,112
295,826
Corporation tax
26,015
33,265
Other taxation and social security
13,349
8,069
Other creditors
247,575
283,045
Accruals and deferred income
3,591
3,341
712,097
672,788
9
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
149,330
151,515
10
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
HEART OF ENGLAND MOTORHOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
10
Related party transactions
(Continued)
- 9 -
Sales
Sales
Purchases
Purchases
2022
2021
2022
2021
£
£
£
£
Other related parties
15,685
20,918
143,446
129,228
The following amounts were outstanding at the reporting end date:
2022
2021
Amounts due to related parties
£
£
Other related parties
2,173
-
The following amounts were outstanding at the reporting end date:
2022
2021
Amounts due from related parties
£
£
Other related parties
-
8,255
2022-12-31
2022-01-01
false
09 March 2023
CCH Software
CCH Accounts Production 2022.300
No description of principal activity
J G Rowlands
Mrs J Rowlands
Mrs J Rowlands
04576911
2022-01-01
2022-12-31
04576911
2022-12-31
04576911
2021-12-31
04576911
core:FurnitureFittings
2022-12-31
04576911
core:MotorVehicles
2022-12-31
04576911
core:FurnitureFittings
2021-12-31
04576911
core:MotorVehicles
2021-12-31
04576911
core:CurrentFinancialInstruments
core:WithinOneYear
2022-12-31
04576911
core:CurrentFinancialInstruments
core:WithinOneYear
2021-12-31
04576911
core:Non-currentFinancialInstruments
core:AfterOneYear
2022-12-31
04576911
core:Non-currentFinancialInstruments
core:AfterOneYear
2021-12-31
04576911
core:CurrentFinancialInstruments
2022-12-31
04576911
core:CurrentFinancialInstruments
2021-12-31
04576911
core:ShareCapital
2022-12-31
04576911
core:ShareCapital
2021-12-31
04576911
core:SharePremium
2022-12-31
04576911
core:SharePremium
2021-12-31
04576911
core:CapitalRedemptionReserve
2022-12-31
04576911
core:CapitalRedemptionReserve
2021-12-31
04576911
core:RetainedEarningsAccumulatedLosses
2022-12-31
04576911
core:RetainedEarningsAccumulatedLosses
2021-12-31
04576911
bus:Director1
2022-01-01
2022-12-31
04576911
core:FurnitureFittings
2022-01-01
2022-12-31
04576911
core:MotorVehicles
2022-01-01
2022-12-31
04576911
2021-01-01
2021-12-31
04576911
core:UKTax
2022-01-01
2022-12-31
04576911
core:UKTax
2021-01-01
2021-12-31
04576911
core:FurnitureFittings
2021-12-31
04576911
core:MotorVehicles
2021-12-31
04576911
2021-12-31
04576911
core:Non-currentFinancialInstruments
2022-12-31
04576911
core:Non-currentFinancialInstruments
2021-12-31
04576911
core:OtherRelatedParties
core:SaleOrPurchaseGoods
2022-01-01
2022-12-31
04576911
core:OtherRelatedParties
core:SaleOrPurchaseGoods
2021-01-01
2021-12-31
04576911
bus:PrivateLimitedCompanyLtd
2022-01-01
2022-12-31
04576911
bus:SmallCompaniesRegimeForAccounts
2022-01-01
2022-12-31
04576911
bus:FRS102
2022-01-01
2022-12-31
04576911
bus:AuditExemptWithAccountantsReport
2022-01-01
2022-12-31
04576911
bus:Director2
2022-01-01
2022-12-31
04576911
bus:CompanySecretary1
2022-01-01
2022-12-31
04576911
bus:FullAccounts
2022-01-01
2022-12-31
xbrli:pure
xbrli:shares
iso4217:GBP