Company registration number 03399601 (England and Wales)
HELMWALL HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
HELMWALL HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr K Y Yong
Mr T Y Yong
Mr D Yong
(Appointed 21 October 2022)
Mr Paul Grashei
(Appointed 5 January 2024)
Company number
03399601
Registered office
48 The Avenue
London
England
NW6 7NP
Accountants
Gravita III LLP
66 Prescot Street
London
E1 8NN
HELMWALL HOLDINGS LIMITED
CONTENTS
Page
Directors' report
1
Accountants' report
2
Group profit and loss account
3
Group balance sheet
4
Company balance sheet
5
Notes to the financial statements
6 - 14
HELMWALL HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2023
- 1 -

The directors present their annual report and financial statements of Helmwall Holdings Limited (the "company") and its subsidiaries (together the "group") for the year ended 30 June 2023.

Principal activities

The principal activity of the group was property development for sale.

Results and dividends

Ordinary dividends were paid amounting to £nil (2022: £4,000,000).

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Ms A S N Lim
(Resigned 3 January 2024)
Mr K Y Yong
Mr M H Yong
(Resigned 21 October 2022)
Mr T Y Yong
Mr D Yong
(Appointed 21 October 2022)
Mr Paul Grashei
(Appointed 5 January 2024)
Going Concern

The directors consider the company to be a going concern as the group has sufficient liquid assets to meet its liabilities including any unexpected costs which may arise from the completion of development.The company and the group will receive financial support from its parent as in when this is required for a period of at least 12 months from the approval of the financial statements.

On behalf of the board
Mr K Y Yong
Director
6 February 2024
HELMWALL HOLDINGS LIMITED
CHARTERED ACCOUNTANTS ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF HELMWALL HOLDINGS LIMITED FOR THE YEAR ENDED 30 JUNE 2023
- 2 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Helmwall Holdings Limited for the year ended 30 June 2023 which comprise the group profit and loss account, the group balance sheet, the company balance sheet and the related notes from the 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 https://www.icaew.com/regulation.

This report is made solely to the board of directors of Helmwall Holdings Limited, as a body, in accordance with the terms of our engagement letter dated 26 August 2022. Our work has been undertaken solely to prepare for your approval the financial statements of Helmwall Holdings Limited and state those matters that we have agreed to state to the board of directors of Helmwall Holdings Limited, 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 Helmwall Holdings Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Helmwall Holdings Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Helmwall Holdings Limited. You consider that Helmwall Holdings Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Helmwall Holdings Limited. 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 financial statements.

Gravita III LLP
6 March 2024
Chartered Accountants Accountants
66 Prescot Street
London
E1 8NN
HELMWALL HOLDINGS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -
2023
2022
Notes
£
£
Turnover
73,960
-
Cost of sales
(38,654)
(68,552)
Gross profit/(loss)
35,306
(68,552)
Administrative expenses
(127,834)
(186,811)
Other operating income
430
2,855
Operating loss
(92,098)
(252,508)
Amounts written off investments
115,046
-
Profit/(loss) before taxation
22,948
(252,508)
Tax on profit/(loss)
-
0
-
0
Profit/(loss) for the financial year
22,948
(252,508)
Profit/(loss) for the financial year is all attributable to the owners of the parent company.
HELMWALL HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
30 JUNE 2023
30 June 2023
- 4 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
-
-
Tangible assets
3
2
2
Investment property
4
-
0
119,952
2
119,954
Current assets
Debtors
7
290,426
62,166
Cash at bank and in hand
263,627
634,494
554,053
696,660
Creditors: amounts falling due within one year
8
(262,488)
(428,043)
Net current assets
291,565
268,617
Net assets
291,567
388,571
Capital and reserves
Called up share capital
9
2
2
Profit and loss reserves
291,565
388,569
Total equity
291,567
388,571

For the financial year ended 30 June 2023 the group was entitled to exemption from audit under section 477 of the Companies Act 2006.

Directors' responsibilities under the Companies Act 2006:

 

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

The financial statements were approved by the board of directors and authorised for issue on 6 February 2024 and are signed on its behalf by:
06 February 2024
Mr K Y Yong
Director
Company registration number 03399601 (England and Wales)
HELMWALL HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 30 JUNE 2023
30 June 2023
- 5 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
5
4
4
Current assets
Debtors
7
45,328
2,184
Cash at bank and in hand
44,221
8,711
89,549
10,895
Creditors: amounts falling due within one year
8
(20,000)
(25,538)
Net current assets/(liabilities)
69,549
(14,643)
Net assets/(liabilities)
69,553
(14,639)
Capital and reserves
Called up share capital
9
2
2
Profit and loss reserves
69,551
(14,641)
Total equity
69,553
(14,639)

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £84,192 (2022 - £3,981,283 profit).

For the financial year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The financial statements were approved by the board of directors and authorised for issue on 6 February 2024 and are signed on its behalf by:
06 February 2024
Mr K Y Yong
Director
Company registration number 03399601 (England and Wales)
HELMWALL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 6 -
1
Accounting policies
Company information

Helmwall Holdings Limited (“the company”) and its subsidiaries ("the group") are private companies limited by shares and incorporated in England and Wales. The registered office is 48 The Avenue, London, United Kingdom, NW6 7NP.

 

The principal activity of the group was property development for sale. The subsidiaries are listed in note 10.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006. The disclosure requirements of FRS 102 have been applied.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The consolidated and separate financial statements have been prepared on a going concern basis under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below and have been applied consistently to all years presented.

1.2
Basis of consolidation

The consolidated financial statements incorporate those of Helmwall Holdings Limited and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits).

 

All financial statements are made up to 30 June 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group and the company have adequate resources to continue in operational existence for the foreseeable future. The company is in a net asset position and thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements of both the group and company. The company and the group will receive financial support from its parent as in when this is required for a period of at least 12 months from the approval of the financial statements.

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of the properties is recognised when the significant risks and rewards of ownership of the property have passed to the buyer (in this case, the completion of contracts), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

HELMWALL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 7 -

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term, except where the period to the review date on which the rent is first expected to be adjusted to the prevailing market rate is shorter than the full lease term, in which case the shorter period is used.

 

Revenue from rental income is recognised when it becomes due and any that straddles the year end will be deferred or accrued as necessary.

 

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised on tangible fixed assets over their useful lives on the following bases:

Fixtures, fittings & equipment
25% reducing balance
Computer equipment
33% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.6
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

1.7
Investment in subsidiaries

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8
Impairment of non-financial assets

At each reporting period end date, the group and the company review the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset.

HELMWALL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 8 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

1.9
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

HELMWALL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 9 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

 

The shareholder loan and the amounts due to group undertakings and related parties are repayable on demand and there is no interest being accrued on them.

Other financial liabilities

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value though profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

HELMWALL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 10 -
1.11
Equity instruments

Ordinary shares are classified as equity instruments. Equity instruments issued by the group are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.13
Provisions and contingencies

Provisions are recognised when the group has a present legal or constructive obligation as a result of past

events; it is probable that an outflow of resources will be required to settle the obligation; and the amount of

the obligation can be estimated reliably.

 

Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as a finance cost.

 

Contingent liabilities are not recognised. Contingent liabilities arise as a result of past events when (i) it is not probable that there will be an outflow of resources or that the amount cannot be reliably measured at the reporting date or (ii) when the existence will be confirmed by the occurrence or non-occurrence of uncertain future events not wholly within the group’s control. Contingent liabilities are disclosed in the financial statements unless the probability of an outflow of resources is remote.

 

Contingent assets are not recognised. Contingent assets are disclosed in the financial statements when an inflow of economic benefits is virtually certain

HELMWALL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 11 -
1.14

Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.15

Cost of sales

Cost of Sales is recognised as and when the property is sold. The basis of the calculation is to allocate the proportion of total budgeted costs which includes future and incurred costs. The proportion is based on the square footage of the property over the total area of the plot. Costs to date will include the cost of land, and the construction cost of the properties sold to date but also, including future costs, which relate to common areas yet to be completed. Cost of sales is recognised in the statement of comprehensive income at the point of sale of the property and derecognised from Stocks.

1.16

Expenses

Administrative costs are accounted for on an accruals basis.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. There were no key accounting estimates.

3
Tangible fixed assets
Group
Plant and machinery
£
Cost
At 1 July 2022 and 30 June 2023
136,388
Depreciation and impairment
At 1 July 2022 and 30 June 2023
136,386
Carrying amount
At 30 June 2023
2
At 30 June 2022
2
HELMWALL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 12 -
4
Investment property
Group
Company
£
£
Fair value
At 30 June 2019
119,952
-
Disposals
(119,952)
-
At 30 June 2023
-
-

Investment property comprises an interest in freehold land and is held in the financial statements at fair value. The fair value of the investment property at 30 June 2023 was £nil (2022: £119,952). The property was disposed at a value equivalent to its fair value.

 

5
Investment in subsidiaries
Group
Company
2023
2022
2023
2022
£
£
£
£
Investments
-
-
4
4
6
Subsidiaries

Details of the company's subsidiaries at 30 June 2023 are as follows:

Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
Helmwall Properties Limited
As above
Freeholder
Ordinary
100.00
0
Pal Properties Limted
As above
Project development
Ordinary
100.00
-
7
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,718
1,718
-
0
-
0
Amounts owed by group
-
-
0
45,328
-
0
Other debtors
288,708
60,448
-
2,184
290,426
62,166
45,328
2,184
HELMWALL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 13 -
8
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Trade creditors
242,488
19,695
-
0
-
0
Amounts due to group undertakings
-
0
-
0
-
0
20,538
Other creditors
20,000
408,348
20,000
5,000
262,488
428,043
20,000
25,538
9
Share capital
Group and company
2023
2022
Ordinary share capital
£
£
Issued and fully paid
Ordinary class A shares of £1 each
2
2

Ordinary A shares

Each share has the entitlement to one vote in any circumstances. Each share is entitled to receive any proposed and agreed dividend.

 

Under the Companies Act 2006, private companies have the option of reducing their share capital by issuing a solvency statement. In April 2022, the company approved the reduction of its share capital, share premium, and other reserves (which pertains to the inter company write off) to create distributable reserves. This resulted in the share capital to be brought down to £2 and share premium and other reserves to nil. The amount by which the company's capital is reduced was credited to the Company’s profit and loss account and a dividend declaration and payment of £4 million was also approved as a result of the capital reduction. The company issued the resolution, compliance statement, and solvency statements in accordance with the legal requirements of the capital reduction.

10
Events after the reporting date

There are no events after reporting date.

 

11
Related party transactions
HELMWALL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
11
Related party transactions
(Continued)
- 14 -

Amounts due to group undertakings

 

Amounts owed to Non-UK companies at balance sheet date by the group and so not removed on consolidation are as follows;

 

Woh Hup (Pte) Limited

 

Nil (2022 £Nil)

 

Lee Kim Tah Holdings Limited

 

Nil (2022: £Nil)

 

Aurum Investments (Pte) Limited

 

Nil (2022: £Nil)

 

There was no remuneration paid to any of the directors during the year.

12
Controlling party

In the directors' opinion, the company's parent companies are Aurum Investments Pte Limited and Lee Kim Tah Holdings Limited by virtue of their ownership of the shares of Helmwall Holdings Limited of 50% and 50% respectively and by their shareholder agreement dated 30 September 1997. Both these companies are incorporated in Singapore and their details are as follows:

 

    

Aurum Investments Pte Limited        217 Upper Bukit Timah Road, Woh Hup Building, Singapore

 

Lee Kim Tah Holdings Limited        3 Church Street, #09-03 Samsung Hub, Singapore 049483

 

There is no ultimate controlling party.

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