Company Registration No. 11375216 (England and Wales)
HELG COMMERCIAL PROPERTIES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2022
PAGES FOR FILING WITH REGISTRAR
HELG COMMERCIAL PROPERTIES LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 5
HELG COMMERCIAL PROPERTIES LTD
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF HELG COMMERCIAL PROPERTIES LTD FOR THE YEAR ENDED 31 MAY 2022
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of HELG Commercial Properties Ltd for the Year ended 31 May 2022 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance
.
This report is made solely to the Board of Directors of HELG Commercial Properties Ltd, as a body, in accordance with the terms of our engagement
.
Our work has been undertaken solely to prepare for your approval the financial statements of HELG Commercial Properties Ltd
and state those matters that we have agreed to state to the Board of Directors of HELG Commercial Properties Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than HELG Commercial Properties Ltd and its Board of Directors as a body, for
our work or for this report.
It is your duty to ensure that HELG Commercial Properties Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets,
liabilities, financial position and profit
of HELG Commercial Properties Ltd. You consider that HELG Commercial Properties 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 financial statements of HELG Commercial Properties 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 financial statements.
Carpenter Box
25 August 2022
Chartered Accountants
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
HELG COMMERCIAL PROPERTIES LTD
BALANCE SHEET
AS AT 31 MAY 2022
31 May 2022
- 2 -
2022
2021
Notes
£
£
£
£
Fixed assets
Investment properties
3
1,671,773
1,671,773
Current assets
Debtors
4
13,014
13,675
Cash at bank and in hand
19,702
20,645
32,716
34,320
Creditors: amounts falling due within one year
5
(661,581)
(1,455,312)
Net current liabilities
(628,865)
(1,420,992)
Total assets less current liabilities
1,042,908
250,781
Creditors: amounts falling due after more than one year
6
(723,423)
Net assets
319,485
250,781
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
319,385
250,681
Total equity
319,485
250,781
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 Year ended 31 May 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her 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.
The financial statements were approved and signed by the director and authorised for issue on 25 August 2022
Miss E L Blurton
Director
Company Registration No. 11375216
HELG COMMERCIAL PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2022
- 3 -
1
Accounting policies
Company information
HELG Commercial Properties Ltd is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Carpenter Box, Amelia House, Crescent Road, Worthing, West Sussex, BN11 1QR.
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.
1.2
Going concern
A
true
t the time of approving the financial statements
,
t
he director has a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he director continues to adopt the going concern basis of accounting in preparing the financial statements.
The directors have considered the impact of Covid-19 on the business and are of the opinion this is minimal due to the nature of trade, As such the directors consider the going concern basis of accounting remains appropriate.
1.3
Turnover
Turnover represents amounts receivable from the sales of development property in the year.
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
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.
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.
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
.
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.
HELG COMMERCIAL PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2022
1
Accounting policies
(Continued)
- 4 -
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.
1.8
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.
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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.9
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
2
Employees
The average monthly number of persons employed by the company during the Year was 0 (2021 - 0
).
3
Investment property
2022
£
Fair value
At 1 June 2021 and 31 May 2022
1,671,773
The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 May 2022 by the Directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties and is considered to be in line with the acquisition cost.
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Other debtors
13,014
13,675
HELG COMMERCIAL PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2022
- 5 -
5
Creditors: amounts falling due within one year
2022
2021
£
£
Taxation and social security
16,116
19,032
Other creditors
645,465
1,436,280
661,581
1,455,312
6
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
723,423
7
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2022
2021
£
£
65,000
121,333