Company Registration No. 07905779 (England and Wales)
HELIOS ASSET MANAGEMENT LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
HELIOS ASSET MANAGEMENT LIMITED
COMPANY INFORMATION
Directors
I H W Van Stratum
Z Popowski
Company number
07905779
Registered office
9 Bonhill Street
London
EC2A 4DJ
Auditor
Begbies
9 Bonhill Street
London
EC2A 4DJ
HELIOS ASSET MANAGEMENT LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 5
Statement of income and retained earnings
6
Statement of financial position
7
Statement of cash flows
8
Notes to the financial statements
9 - 12
HELIOS ASSET MANAGEMENT LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2019
- 1 -
The directors present the strategic report for the year ended 31 December 2019.
Fair review of the business
The company has continued to
provide asset management and foreign exchange advisory services to clients
.
The directors are working to increase revenue in the future by increasing the number of clients and range of services.
T
he directors do not perceive any major risks or uncertainties other than the normal commercial risks associated with the business sector.
I H W Van Stratum
Director
22 April 2020
HELIOS ASSET MANAGEMENT LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2019
- 2 -
The directors present their annual report and financial statements for the year ended 31 December 2019.
Principal activities
The principal activity of the company continued to be that of business consultancy and investment management. It is authorised by the Financial Conduct Authority.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
I H W Van Stratum
Z Popowski
Results and dividends
The results for the year are set out on page 6.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Auditor
The auditor, Begbies, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditors are unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditors are aware of that information.
On behalf of the board
I H W Van Stratum
Director
22 April 2020
HELIOS ASSET MANAGEMENT LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2019
- 3 -
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
HELIOS ASSET MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HELIOS ASSET MANAGEMENT LIMITED
- 4 -
Opinion
We have audited the financial statements of Helios Asset Management Limited (the 'company') for the year ended 31 December 2019 which comprise the statement of income and retained earnings, the statement of financial position, the statement of cash flows and notes to the financial statements, including a summary of significant accounting policies.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102
The Financial Reporting Standard applicable in the UK and Republic of Ireland
(United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the company's affairs as at 31 December 2019 and of its loss for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the
Auditor's
responsibilities for the audit of the financial statements
section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard
, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
-
the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
-
the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue
.
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the
financial statements
does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit
:
-
the information given in the strategic report and the directors' r
eport for the financial year for which the financial statements are prepared is consistent with the financial statements
; and
-
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
HELIOS ASSET MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HELIOS ASSET MANAGEMENT LIMITED
- 5 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie
d
material misstatements in the strategic report and the directors'
r
eport
.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of directors' remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors'
r
esponsibilities
s
tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company
'
s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the
Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities
.
This description forms part of our auditor’s report.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
Virginia Underhill (Senior Statutory Auditor)
for and on behalf of Begbies
22 April 2020
Chartered Accountants
Statutory Auditor
9 Bonhill Street
London
EC2A 4DJ
HELIOS ASSET MANAGEMENT LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2019
- 6 -
2019
2018
Notes
£
£
Turnover
3
9,855
21,161
Administrative expenses
(17,357)
(24,290)
Loss before taxation
(7,502)
(3,129)
Tax on loss
-
-
Loss for the financial year
(7,502)
(3,129)
Retained earnings brought forward
(24,414)
(21,285)
Retained earnings carried forward
(31,916)
(24,414)
HELIOS ASSET MANAGEMENT LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2019
31 December 2019
- 7 -
2019
2018
Notes
£
£
£
£
Current assets
Debtors
6
-
2,706
Cash at bank and in hand
55,161
56,695
55,161
59,401
Creditors: amounts falling due within one year
7
(7,077)
(3,815)
Net current assets
48,084
55,586
Capital and reserves
Called up share capital
8
80,000
80,000
Profit and loss reserves
(31,916)
(24,414)
Total equity
48,084
55,586
The financial statements were approved by the board of directors and authorised for issue on 22 April 2020 and are signed on its behalf by:
I H W Van Stratum
Z Popowski
Director
Director
Company Registration No. 07905779
HELIOS ASSET MANAGEMENT LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2019
- 8 -
2019
2018
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
10
(1,534)
(14,765)
Income taxes (paid)/refunded
-
1,363
Net cash outflow from operating activities
(1,534)
(13,402)
Net decrease in cash and cash equivalents
(1,534)
(13,402)
Cash and cash equivalents at beginning of year
56,695
70,097
Cash and cash equivalents at end of year
55,161
56,695
HELIOS ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
- 9 -
1
Accounting policies
Company information
Helios Asset Management Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
9 Bonhill Street, London, EC2A 4DJ.
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.
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 on the historical cost convention except for the modification
to a fair value basis for certain financial instruments as specified in the accounting policies below.
1.2
Going concern
A
true
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
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
. Revenue is recognised to the extent that the company obtains the right to consideration in exchange for its performance.
1.4
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:
Computer equipment
over 3 years
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
.
1.5
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments
.
HELIOS ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 10 -
1.6
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. It only has financial assets and financial liabilities of a kind that qualify as basic financial instruments.
Basic financial assets
Basic financial assets, which include trade and other receivables 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 less any impairment.
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or the risks and rewards of ownership are transferred.
Basic financial Liabilities
Basic financial liabilities, including trade and other payables are initially recognised at transaction price.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.7
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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
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.
3
Turnover and other revenue
The total turnover of the company has been derived from its principal activity wholly undertaken in the United Kingdom.
HELIOS ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 11 -
4
Operating loss
2019
2018
Operating loss for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
3,000
3,000
Depreciation of owned tangible fixed assets
-
443
5
Employees and directors
There were no employees during the year apart from the directors.
6
Debtors
2019
2018
Amounts falling due within one year:
£
£
Prepayments and accrued income
-
2,706
7
Creditors: amounts falling due within one year
2019
2018
£
£
Other creditors
448
529
Trade creditors
4,344
-
Accruals and deferred income
2,285
3,286
7,077
3,815
8
Share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
80,000 Ordinary shares of £1 each
80,000
80,000
9
Control
The company is controlled by the directors.
HELIOS ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 12 -
10
Cash absorbed by operations
2019
2018
£
£
Loss for the year after tax
(7,502)
(3,129)
Adjustments for:
Depreciation and impairment of tangible fixed assets
-
443
Movements in working capital:
Decrease/(increase) in debtors
2,706
(2,706)
Increase/(decrease) in creditors
3,262
(9,373)
Cash absorbed by operations
(1,534)
(14,765)
11
Analysis of changes in net funds
1 January 2019
Cash flows
31 December 2019
£
£
£
Cash at bank and in hand
56,695
(1,534)
55,161
2019-12-31
2019-01-01
false
CCH Software
CCH Accounts Production 2020.100
I H W Van Stratum
Z Popowski
07905779
2019-01-01
2019-12-31
07905779
bus:Director1
2019-01-01
2019-12-31
07905779
bus:Director4
2019-01-01
2019-12-31
07905779
bus:Director2
2019-01-01
2019-12-31
07905779
bus:RegisteredOffice
2019-01-01
2019-12-31
07905779
2019-12-31
07905779
2018-01-01
2018-12-31
07905779
core:RetainedEarningsAccumulatedLosses
2018-12-31
07905779
core:RetainedEarningsAccumulatedLosses
2017-12-31
07905779
core:RetainedEarningsAccumulatedLosses
2019-12-31
07905779
core:RetainedEarningsAccumulatedLosses
2018-12-31
07905779
core:ShareCapital
2019-12-31
07905779
core:ShareCapital
2018-12-31
07905779
2018-12-31
07905779
core:CurrentFinancialInstruments
2019-12-31
07905779
core:CurrentFinancialInstruments
2018-12-31
07905779
2018-12-31
07905779
2017-12-31
07905779
core:ComputerEquipment
2019-01-01
2019-12-31
07905779
bus:PrivateLimitedCompanyLtd
2019-01-01
2019-12-31
07905779
bus:FRS102
2019-01-01
2019-12-31
07905779
bus:Audited
2019-01-01
2019-12-31
07905779
bus:FullAccounts
2019-01-01
2019-12-31
xbrli:pure
xbrli:shares
iso4217:GBP