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Registered number: 11842482
HEB FINANCE LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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HEB FINANCE LIMITED
REGISTERED NUMBER:11842482
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BALANCE SHEET
AS AT 31 DECEMBER 2021
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Debtors: amounts falling due after more than one year
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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HEB FINANCE LIMITED
REGISTERED NUMBER:11842482
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BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2021
The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements 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 Company has opted not to file the Statement of Income and Retained Earnings in accordance with provisions applicable to companies subject to the small companies regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 3 to 6 form part of these financial statements.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
HEB Finance Limited is a private company, limited by shares, domiciled and incorporated in England and Wales (registered number: 11842482). The registered office address is 21 Fulton Road, Wembley, London, HA9 0GA.
The Company's functional and presentational currency is GBP.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
The financial statements have been prepared on a going concern basis.
The directors have carefully reviewed the future prospects of the Company and its future cash flows, including an assessment of the potential impact of the COVID-19 pandemic. The full impact of the COVID-19 pandemic on the business remains uncertain and as a result unquantifiable at this stage. Nevertheless, having assessed this the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future being at least the next 12 months from signing of these financial statements.
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.Accounting policies (continued)
Financial assets and financial liabilities are recognised in the Balance Sheet when the Company becomes a party to the contractual provisions of the instrument.
Trade and other debtors and creditors are classified as basic financial instruments and measured on initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the Company will not be able to collect all amounts due.
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank, short-term bank deposits with an original maturity of three months or less and bank overdrafts which are an integral part of the Company’s cash management.
Financial liabilities and equity instruments issued by the Company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities. Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs.
Interest bearing bank loans, overdrafts and other loans which meet the criteria to be classified as basic financial instruments are initially recorded at the present value of cash payable to the bank, which is ordinarily equal to the proceeds received net of direct issue costs. These liabilities are subsequently measured at amortised cost, using the effective interest rate method.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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The average monthly number of employees, including directors, during the year was 1 (2020 - 1).
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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Due after more than one year
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Due from participating interests
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Amounts owed by group undertakings
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Amounts owed by joint ventures and associated undertakings
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Accruals and deferred income
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Allotted, called up and fully paid
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58,300,100 Ordinary shares of £1.00 each
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Profit and loss account
This reserve relates to the cumulative retained earnings less amounts distributed to shareholders.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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Related party transactions
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The Company has historically made a loan of £4,400,000 to HEB Units Limited, a related party by virtue of common control. Interest is charged on this loan at the Bank of England base rate plus 1.7%. During the year, interest charged was £79,471 (2020 - £84,830). At the year end, £4,479,471 (2020 - £4,484,830) was owed by HEB Units Limited.
The Company has historically made a loan of £23,400,000 to HEB Real Estate Limited, a related party by virtue of common control. Interest is charged on this loan at the Bank of England base rate plus 1.7%. During the year, interest charged was £422,642 (2020 - £451,139). At the year end, £23,822,642 (2020 - £23,851,439) was owed by HEB Real Estate Limited.
The Company has historically made a loan of £30,500,000 to HEB Commercial Limited, a related party by virtue of common control. Interest is charged on this loan at the Bank of England base rate plus 1.7%. During the year, interest charged was £467,543 (2020 - £513,987). At the year end, £27,044,816 (2020 - £26,691,261) was owed by HEB Commercial Limited.
During the year, the Company incurred expenses of £926,154 (2020 - £539,277) on behalf of HEB International FZE, a related party by virtue of common control. At the year end, £1,801,168 (2020 - £875,014) was owed by HEB International FZE.
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The immediate and ultimate parent undertaking is HEB 3 Limited, a company registered in Jersey.
The ultimate controlling party is H R Akbary, by virtue of his ownership in the ultimate parent undertaking.
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