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

REGISTERED NUMBER: 08386135 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

FOR

HELENSLEA DEVELOPMENT LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

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

FIXED ASSETS

Tangible assets

4

3,518

6,218

Investments

5

2

2

3,520

6,220

CURRENT ASSETS

Stocks

21,102,847

21,102,847

Debtors

6

181,754

1,056,257

Cash at bank

138,397

178,207

21,422,998

22,337,311

CREDITORS

Amounts falling due within one year

7

20,561,640

21,608,958

NET CURRENT ASSETS

861,358

728,353

TOTAL ASSETS LESS CURRENT LIABILITIES

864,878

734,573

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

864,877

734,572

864,878

734,573

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 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 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 12 September 2022 and were signed by:

R R Shah MSc FRICS - Director

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2020 - NIL).

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 January 2021

and 31 December 2021

24,758

DEPRECIATION

At 1 January 2021

18,540

Charge for year

2,700

At 31 December 2021

21,240

NET BOOK VALUE

At 31 December 2021

3,518

At 31 December 2020

6,218

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 January 2021

and 31 December 2021

2

NET BOOK VALUE

At 31 December 2021

2

At 31 December 2020

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

2021

2020

£

£

Trade debtors

130,355

993,233

Other debtors

51,399

63,024

181,754

1,056,257

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

15,100,000

16,250,000

Amounts owed to group undertakings

5,210,464

4,871,664

Taxation and social security

31,134

268,792

Other creditors

220,042

218,502

20,561,640

21,608,958

The bank loan is secured over the company’s completed units at The Beaumont, Helenslea Avenue, Golders Green, London NW11 which are held as trading stock for resale.

8.	CONTROLLING PARTY

The company is controlled by Helenslea Holdings Limited, registered in England & Wales as the parent company.