Hellenic (UK) Limited

Hellenic (UK) Limited

HELLENIC (UK) LIMITED - Company Information

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Company Registration No. 03290255 (England and Wales)
Hellenic (UK) Limited Unaudited accounts for the year ended 31 March 2019
Hellenic (UK) Limited Unaudited accounts Contents
Page
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Hellenic (UK) Limited Company Information for the year ended 31 March 2019
Directors
Lady H St John
Secretary
Lady H St John
Company Number
03290255 (England and Wales)
Registered Office
4 The Quadrant Richmond TW9 1BP England
Accountants
Wellden Turnbull Limited Munro House Portsmouth Road Cobham Surrey KT11 1PP
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Hellenic (UK) Limited Statement of financial position as at 31 March 2019
2019 
2018 
Notes
£ 
£ 
Fixed assets
Tangible assets
4
185,453 
189,540 
Investment property
5
1,800,000 
3,470,362 
1,985,453 
3,659,902 
Current assets
Inventories
6
10,000 
8,750 
Debtors
7
949,728 
13,535 
Cash at bank and in hand
11,875 
22,166 
971,603 
44,451 
Creditors: amounts falling due within one year
8
(318,522)
(131,201)
Net current assets/(liabilities)
653,081 
(86,750)
Total assets less current liabilities
2,638,534 
3,573,152 
Creditors: amounts falling due after more than one year
9
- 
(899,818)
Net assets
2,638,534 
2,673,334 
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
2,638,434 
2,673,234 
Shareholders' funds
2,638,534 
2,673,334 
For the year ending 31 March 2019 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.
Approved by the Board on 30 December 2019.
Lady H St John Director Company Registration No. 03290255
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Hellenic (UK) Limited Notes to the Accounts for the year ended 31 March 2019
1
Statutory information
Hellenic (UK) Limited is a private company, limited by shares, registered in England and Wales, registration number 03290255. The registered office is 4 The Quadrant, Richmond, TW9 1BP, England.
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances. Sale of goods Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods. Rendering of services Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
Tangible fixed assets and depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Land & buildings
NIL
Fixtures & fittings
15%
Investment property
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.
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Hellenic (UK) Limited Notes to the Accounts for the year ended 31 March 2019
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period. Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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Hellenic (UK) Limited Notes to the Accounts for the year ended 31 March 2019
4
Tangible fixed assets
Land & buildings 
Fixtures & fittings 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 April 2018
162,293 
128,572 
290,865 
At 31 March 2019
162,293 
128,572 
290,865 
Depreciation
At 1 April 2018
- 
101,325 
101,325 
Charge for the year
- 
4,087 
4,087 
At 31 March 2019
- 
105,412 
105,412 
Net book value
At 31 March 2019
162,293 
23,160 
185,453 
At 31 March 2018
162,293 
27,247 
189,540 
5
Investment property
2019 
£ 
Fair value at 1 April 2018
3,470,362 
Additions
32,977 
Disposals
1,703,339 
At 31 March 2019
1,800,000 
6
Inventories
2019 
2018 
£ 
£ 
Finished goods
10,000 
8,750 
10,000 
8,750 
7
Debtors
2019 
2018 
£ 
£ 
Trade debtors
6,820 
13,535 
Accrued income and prepayments
9,000 
- 
Other debtors
933,908 
- 
949,728 
13,535 
8
Creditors: amounts falling due within one year
2019 
2018 
£ 
£ 
Trade creditors
- 
44,402 
Taxes and social security
313,522 
82,737 
Accruals
5,000 
4,062 
318,522 
131,201 
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Hellenic (UK) Limited Notes to the Accounts for the year ended 31 March 2019
9
Creditors: amounts falling due after more than one year
2019 
2018 
£ 
£ 
Bank loans
- 
637,000 
Other creditors
- 
262,818 
- 
899,818 
10
Operating lease commitments
2019 
2018 
£ 
£ 
At 31 March 2019 the company has commitments under non-cancellable operating leases as follows:
Operating leases expiring:
Within two to five years
129,000 
189,000 
11
Loans to directors
At 31 March 2019, the director owed the company £666,908, included within other debtors. The loan is repayable on demand and interest is being charged at 2.5%.
12
Average number of employees
During the year the average number of employees was 3 (2018: 3).
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