Helenslea Development Limited - Accounts to registrar (filleted) - small 18.2

Helenslea Development Limited - Accounts to registrar (filleted) - small 18.2

HELENSLEA DEVELOPMENT LIMITED - Company Information

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REGISTERED NUMBER: 08386135 (England and Wales)


















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019

FOR

HELENSLEA DEVELOPMENT LIMITED
HELENSLEA DEVELOPMENT LIMITED (REGISTERED NUMBER: 08386135)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


HELENSLEA DEVELOPMENT LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2019







DIRECTOR: R R Shah MSc FRICS





REGISTERED OFFICE: 55a Welbeck Street
London
W1G 9XQ





REGISTERED NUMBER: 08386135 (England and Wales)





ACCOUNTANTS: Arithma LLP
Chartered Certified Accountants
9 Mansfield Street
London
W1G 9NY
Page 1
HELENSLEA DEVELOPMENT LIMITED (REGISTERED NUMBER: 08386135)

BALANCE SHEET
31 DECEMBER 2019

2019 2018
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 9,133 6,979
Investments 5 2 2
9,135 6,981

CURRENT ASSETS
Stocks 21,102,847 21,102,847
Debtors 6 156,880 77,472
Cash at bank 300,127 81,636
21,559,854 21,261,955
CREDITORS
Amounts falling due within one year 7 21,220,770 21,120,314
NET CURRENT ASSETS 339,084 141,641
TOTAL ASSETS LESS CURRENT
LIABILITIES
348,219
148,622

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 348,218 148,621
348,219 148,622

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The notes form part of these financial statements

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HELENSLEA DEVELOPMENT LIMITED (REGISTERED NUMBER: 08386135)

BALANCE SHEET - continued
31 DECEMBER 2019


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 25 November 2020 and were signed by:





R R Shah MSc FRICS - Director


The notes form part of these financial statements

Page 3
HELENSLEA DEVELOPMENT LIMITED (REGISTERED NUMBER: 08386135)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019


1. STATUTORY INFORMATION

Helenslea Development Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

TURNOVER
Turnover includes revenue from the sale of flats which recognised when the ownership has transferred to the buyer (usually on sale completion); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - Straight line over 4 years

STOCKS
Stock comprises of residential development properties. The cost of these properties includes the acquisition cost of freehold land and buildings, development expenditure incurred thereon, and finance costs incurred until the development was completed.

Stock is stated at lower of cost and net realisable value.

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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HELENSLEA DEVELOPMENT LIMITED (REGISTERED NUMBER: 08386135)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2019


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2018 - NIL).

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 January 2019 13,959
Additions 7,525
At 31 December 2019 21,484
DEPRECIATION
At 1 January 2019 6,980
Charge for year 5,371
At 31 December 2019 12,351
NET BOOK VALUE
At 31 December 2019 9,133
At 31 December 2018 6,979

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 January 2019
and 31 December 2019 2
NET BOOK VALUE
At 31 December 2019 2
At 31 December 2018 2

The company owns 100% of the issued share capital of Beaumont Management Company Limited, a company incorporated in England and Wales.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2019 2018
£    £   
Trade debtors 39,768 7,884
Other debtors 82,226 35,928
Group undertakings 34,886 33,660
156,880 77,472

Page 5 continued...
HELENSLEA DEVELOPMENT LIMITED (REGISTERED NUMBER: 08386135)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2019


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2019 2018
£    £   
Trade creditors - 19,010
Taxation 39,347 68,521
Other creditors 278,856 130,216
Group undertakings 20,902,567 20,902,567
21,220,770 21,120,314

8. POST BALANCE SHEET EVENTS

In March 2020, the World Health Organisation declared Coronavirus (COVID-19) a global pandemic. The rapid increase in infection in the UK forced the government to introduce measures to slow down the spread of the virus. These measures, introduced in late March, have hindered all business activities.

The government have relaxed the lockdown measures, but recently various areas have local restrictions, depending on infection rates. Forecasting the impact of the COVID-19 outbreak is an ongoing process and the exact nature of its repercussions on businesses is still uncertain. Thus, a definitive assessment of the extent of its impact on the company's performance and liquidity is not possible at this point in time. Regardless, the directors are optimistic about the company's financial wellbeing. The company does not have any major short-term working capital liability and has sufficient cash reserves. Given the above, the directors are satisfied that the company will not be adversely affected and has therefore prepared its financial statements on a going concern basis, considering the outbreak of COVID-19 as a non-adjusting event that does not impact the measurement of assets and liabilities in the financial statements.

9. ULTIMATE CONTROLLING PARTY

The company is owned by Helenslea Holdings Limited, registered in England &Wales.

Ultimate control is exercised by Maple Venture Capital Limited, registered in Mauritius.

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