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Registration number: 08673694

Report of the Director and


Annual Report and Unaudited Financial Statements

for the Period from 1 January 2022 to 31 March 2023

for
 

Hemslade (UK) Ltd

 

Hemslade (UK) Ltd

Contents of the Financial Statements
for the Period from 1 January 2022 to 31 March 2023

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

Accountants' Report

7

 

Hemslade (UK) Ltd

Company Information
for the Period from 1 January 2022 to 31 March 2023

Director:

Goran Karic

Registered office:

Savoy House
Savoy Circus
London
W3 7DA

Registered number:

08673694

Accountants:

Wem & Co
Chartered Accountants
Savoy House
Savoy Circus
London
W3 7DA

 

Hemslade (UK) Ltd

(Registration number: 08673694)
Balance Sheet as at 31 March 2023

Note

31.03.23

31.12.21

   

£

£

£

£

CURRENT ASSETS

   

 

Debtors

5

 

5,292

 

431,052

Cash at bank and in hand

   

836

 

7,578

   

6,128

 

438,630

CREDITORS

   

 

Creditors within 1yr

6

 

6,127

 

10,167

Net assets

   

1

 

428,463

CAPITAL AND RESERVES

   

 

Called up share capital

 

1

 

1

Profit and loss account

 

-

 

428,462

Shareholders' funds

   

1

 

428,463

For the financial period ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 23 October 2023
 

.........................................
Goran Karic
Director

 

Hemslade (UK) Ltd

Notes to the Unaudited Financial Statements
for the Period from 1 January 2022 to 31 March 2023

1.

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Savoy House
Savoy Circus
London
W3 7DA
England

These financial statements were authorised for issue by the director on 23 October 2023.

2.

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentational currency is Pound Sterling (£).

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Hemslade (UK) Ltd

Notes to the Unaudited Financial Statements
for the Period from 1 January 2022 to 31 March 2023 (continued)

2

Accounting policies (continued)

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery etc

Straight line over 3 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3.

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 1 (2021 - 1).

 

Hemslade (UK) Ltd

Notes to the Unaudited Financial Statements
for the Period from 1 January 2022 to 31 March 2023 (continued)

4.

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 January 2022

2,399

2,399

At 31 March 2023

2,399

2,399

Depreciation

At 1 January 2022

2,399

2,399

At 31 March 2023

2,399

2,399

Carrying amount

At 31 March 2023

-

-

5.

Debtors

31.03.23
£

31.12.21
£

Amounts owed by group undertakings

-

427,722

Solicitor account

3,328

3,330

Social security and other tax

1,964

-

5,292

431,052

6.

Creditors

Creditors: amounts falling due within one year

31.03.23
£

31.12.21
£

Due within one year

Taxation and social security

-

3,178

Accruals and deferred income

4,785

4,925

Other creditors

1,342

2,064

6,127

10,167

 

Hemslade (UK) Ltd

Notes to the Unaudited Financial Statements
for the Period from 1 January 2022 to 31 March 2023 (continued)

6

Creditors (continued)

7.

Dividends

   

31.03.23

 

31.12.21

   

£

 

£

Final dividend of £413,101.00 (2021 - £Nil) per ordinary share

 

413,101

 

-

         

8.

Related party transactions

Director's remuneration

The director's remuneration for the period was as follows:

31.03.23
£

31.12.21
£

Remuneration

121,385

101,209

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 applicable in the UK and Republic of Ireland, not to disclose related party transactions with wholly owned subsidiaries within the group.

9.

GROUP INFORMATION

The immediate and ultimate parent undertaking is Hemslade Holding Limited registered in Cyprus, which prepares consolidated financial statements. The registered office of Hemslade Holding Limited is Arch, Makarious III, 66, Kronos Court, 1st Floor, Flat/Office 12, 1077, Nicosia, Cyprus.

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Hemslade (UK) Ltd
for the Period Ended 31 March 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Hemslade (UK) Ltd for the period ended 31 March 2023 as set out on pages 2 to 6 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Hemslade (UK) Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Hemslade (UK) Ltd and state those matters that we have agreed to state to the Board of Directors of Hemslade (UK) Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Hemslade (UK) Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Hemslade (UK) Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Hemslade (UK) Ltd. You consider that Hemslade (UK) Ltd is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the accounts of Hemslade (UK) Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Wem & Co
Chartered Accountants
Savoy House
Savoy Circus
London
W3 7DA


24 October 2023