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 2021
Hellenic (UK) Limited Unaudited accounts Contents
Page
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Hellenic (UK) Limited Company Information for the year ended 31 March 2021
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 Albany House Claremont Lane Esher Surrey KT10 9FQ
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Hellenic (UK) Limited Statement of financial position as at 31 March 2021
2021 
2020 
Notes
£ 
£ 
Fixed assets
Tangible assets
4
179,483 
181,979 
Investment property
5
999,498 
2,142,078 
1,178,981 
2,324,057 
Current assets
Inventories
6
10,000 
10,000 
Debtors
7
1,450,357 
266,745 
Cash at bank and in hand
421,355 
61,547 
1,881,712 
338,292 
Creditors: amounts falling due within one year
8
(2,184,911)
(2,114,388)
Net current liabilities
(303,199)
(1,776,096)
Total assets less current liabilities
875,782 
547,961 
Creditors: amounts falling due after more than one year
9
(525,000)
(525,000)
Net assets
350,782 
22,961 
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
350,682 
22,861 
Shareholders' funds
350,782 
22,961 
For the year ending 31 March 2021 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.
The financial statements were approved by the Board of Directors and authorised for issue on 21 February 2022 and were signed on its behalf by
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 2021
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.
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. Stocks held relate to medical supplies.
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Hellenic (UK) Limited Notes to the Accounts for the year ended 31 March 2021
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 2021
4
Tangible fixed assets
Land & buildings 
Fixtures & fittings 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 April 2020
162,293 
128,572 
290,865 
Additions
- 
538 
538 
At 31 March 2021
162,293 
129,110 
291,403 
Depreciation
At 1 April 2020
- 
108,886 
108,886 
Charge for the year
- 
3,034 
3,034 
At 31 March 2021
- 
111,920 
111,920 
Net book value
At 31 March 2021
162,293 
17,190 
179,483 
At 31 March 2020
162,293 
19,686 
181,979 
5
Investment property
2021 
£ 
Fair value at 1 April 2020
2,142,078 
Additions
40,420 
Disposals
(1,183,000)
At 31 March 2021
999,498 
6
Inventories
2021 
2020 
£ 
£ 
Finished goods
10,000 
10,000 
10,000 
10,000 
7
Debtors: amounts falling due within one year
2021 
2020 
£ 
£ 
Accrued income and prepayments
920 
- 
Other debtors
1,449,437 
266,745 
1,450,357 
266,745 
8
Creditors: amounts falling due within one year
2021 
2020 
£ 
£ 
Trade creditors
1,728 
541 
Amounts owed to group undertakings and other participating interests
1,807,903 
2,000,000 
Taxes and social security
367,112 
97,489 
Other creditors
2,168 
- 
Loans from directors
- 
1,696 
Accruals
6,000 
14,662 
2,184,911 
2,114,388 
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Hellenic (UK) Limited Notes to the Accounts for the year ended 31 March 2021
9
Creditors: amounts falling due after more than one year
2021 
2020 
£ 
£ 
Bank loans
525,000 
525,000 
10
Operating lease commitments
2021 
2020 
£ 
£ 
At 31 March 2021 the company has total minimum future payment commitments under non-cancellable operating leases as follows:
Operating leases expiring:
Within one year
12,462 
25,962 
Within two to five years
9,000 
9,000 
21,462 
34,962 
11
Loans to directors
At 31 March 2021, the director owed the company £1,166,750 (2020 - £Nil). Subsequent to the year-end in April 2021, £300k of this director's loan was settled by way of a dividend. The loan is repayable on demand and interest is being charged at 2.25% in line with the HMRC official rate.
12
Post balance sheet events
Subsequent to the year-end in June 2021, the Company entered into a new lease in respect of one of its leasehold clinics. Under the terms of the lease, annual rentals are payable at £27,000 + VAT over 10 years.
13
Average number of employees
During the year the average number of employees was 2 (2020: 2).
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