Company Registration No. 12487657 (England and Wales)
HERONSLEA (ELSTREE) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD OF INCORPORATION ON 27 FEBRUARY 2020
TO 28 FEBRUARY 2021
HERONSLEA (ELSTREE) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
HERONSLEA (ELSTREE) LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2021
28 February 2021
- 1 -
2021
Notes
£
£
Current assets
Stocks
5,108,508
Debtors
4
449,337
Cash at bank and in hand
275,809
5,833,654
Creditors: amounts falling due within one year
5
(913,069)
Net current assets
4,920,585
Creditors: amounts falling due after more than one year
6
(4,923,515)
Net liabilities
(2,930)
Capital and reserves
Called up share capital
7
100
Profit and loss reserves
(3,030)
Total equity
(2,930)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial Period ended 28 February 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his 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 Period 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.
The financial statements were approved and signed by the director and authorised for issue on 24 February 2022
J M Rishover
Director
Company Registration No. 12487657
HERONSLEA (ELSTREE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2021
- 2 -
1
Accounting policies
Company information
Heronslea (Elstree) Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Finsgate, 5-7 Cranwood Street, London, United Kingdom, EC1V 9EE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“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.
These financial statements for the Period ended 28 February 2021 are the first financial statements of
Heronslea (Elstree)
Limited prepared in accordance with FRS 102, The Financial Reporting Standard
applicable in the UK and Republic of Ireland.
1.2
Going concern
After making enquiries, the director
true
has
reasonable expectation that the company has adequate
resources to continue in operational existence for the foreseeable future. This will depend on the continuing
support of the
creditors
and the director. Accordingly, they continue to adopt the going concern basis
in preparing the financial statements. The financial statements do not include any adjustments that would
result if this support were to be withdrawn.
1.3
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.
1.4
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.
HERONSLEA (ELSTREE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2021
1
Accounting policies
(Continued)
- 3 -
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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.
1.6
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.
1.7
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.
HERONSLEA (ELSTREE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2021
1
Accounting policies
(Continued)
- 4 -
1.8
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 director is 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.
3
Employees
The average monthly number of persons (including directors) employed by the company during the Period was:
2021
Number
Total
1
4
Debtors
2021
Amounts falling due within one year:
£
Other debtors
449,337
5
Creditors: amounts falling due within one year
2021
£
Trade creditors
296,536
Amounts owed to group undertakings
254,007
Deferred income
276,250
Other creditors
81,645
Accruals and deferred income
4,631
913,069
HERONSLEA (ELSTREE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2021
- 5 -
6
Creditors: amounts falling due after more than one year
2021
Notes
£
Bank loans and overdrafts
50,000
Other borrowings
4,873,515
4,923,515
On 28 August 2020, the company entered into new loan agreements with Capitalrise Finance Limited and Gerard Capital Limited and Get Going Financed Limited where the loans are secured over the freehold property known as Gaisgill, Barnet Lane, Elstree, Borehamwood WD6 3QZ which contains both fixed and floating charge and negative pledge.
Loan charges are outstanding as at balance sheet date.
7
Called up share capital
2021
2021
Ordinary share capital
Number
£
Issued and fully paid
Ordinary shares of £1 each
100
100
On 27 February, 2020, the date of incorporation, 100 ordinary shares of £1 each were issued at par.
8
Related party transactions
At the year end, the company
owed £
6,500
to
Heronslea (
Bushey 4
) Limited, a company under the common control of the director.
At the year end, the company
owed £
145
to
Heronslea (
Beechwood
) Limited, a company under the common control of the director.
At the year end, the company
owed £
75,000
to
Rishco
(
Leisure
) Limited, a company under the common control of the director.
At the year end, the company
owed £254,007
to
Rishco
Limited,
the parent undertaking.
At the year end, the company
was
owed £139,657
from
Heronslea Limited, a company under the common control of the director.
At the year end, the company
was
owed £20,000
from
Heronslea (Greenville) Limited, a company under the common control of the director.
At the year end, the company
was
owed £10
from
Heronslea (Watford Road) Limited, a company under the common control of the director.
At the year end, the company was owed £5,031 from Its All Good Marketing Limited, a company under the common control of the director.
9
Parent company
Rishco Limited is the parent company holding the entire share capital of the company.