Company registration number 03309010 (England and Wales)
HELMWALL PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
HELMWALL PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
HELMWALL PROPERTIES LIMITED
BALANCE SHEET
AS AT
30 JUNE 2023
30 June 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
2
-
0
119,952
Current assets
Debtors
3
1,496
3,370
Creditors: amounts falling due within one year
4
(1,482)
(6,482)
Net current assets/(liabilities)
14
(3,112)
Net assets
14
116,840
Capital and reserves
Called up share capital
5
2
2
Profit and loss reserves
6
12
116,838
Total equity
14
116,840

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

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

These financial statements have been prepared and delivered in accordance with the provisions applicable to 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:
Mr K Y Yong
Director
Company registration number 03309010 (England and Wales)
HELMWALL PROPERTIES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023
- 2 -
Share capital
Capital contribution reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 July 2021
2
3,122,769
(3,018,018)
104,753
Year ended 30 June 2022:
Loss for the year
-
-
(5,545)
(5,545)
Reduction of shares
5
-
0
-
3,132,459
3,132,459
Undistributable reserves
-
(3,122,769)
7,942
(3,114,827)
Balance at 30 June 2022
2
-
0
116,838
116,840
Year ended 30 June 2023:
Profit for the year
-
-
115,576
115,576
Other comprehensive income:
Adjustment for Freehold property fair value gains
-
-
(119,952)
(119,952)
Total comprehensive income for the year
-
0
-
0
(4,376)
115,576
Dividends
-
-
(112,450)
(112,450)
Balance at 30 June 2023
2
-
0
12
14
HELMWALL PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -
1
Accounting policies
Company information

Helmwall Properties Limited ("the company") is a private company limited by shares and is incorporated in England and Wales. The registered office is 48 The Avenue, Brondesbury Park, London, NW6 7NP.

 

The principal activity of the company in the year under review was that of a freeholder.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 financial statements have been prepared on a basis other than going concern 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.

Exemptions for qualifying entities under FRS 102

 

The company has taken advantage of the following exemptions in its financial statements:

 

(i) Under the provisions of FRS 102, Section 1A, the company is exempt from the requirement to prepare a Statement of Cash Flows and a strategic report on the basis that is qualifies as a small entity.

1.2
Going concern

The financial statements have truebeen prepared on a basis other than going concern as the company will be wound up shortly after and removed from the companies register. The company ceased trading by the year end.

1.3
Investment property

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 unrealised surplus or deficit on revaluation is recognised in profit or loss.

1.4
Financial instruments

The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with 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.

HELMWALL PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 4 -
Basic financial assets

Basic financial assets, which includes debtors and amounts due from group undertakings, 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.

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.

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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and amounts due to group undertakings are classified as debt and 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.

1.5
Equity instruments

Ordinary shares are classified as equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

1.6
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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

HELMWALL PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 5 -
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 when the company has 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.

1.7
Leases

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.

2
Investment property
2023
£
Fair value
At 30 June 2021
119,952
Disposals
(119,952)
At 30 June 2023
-
0

Investment property comprised an interest in freehold land and was held in the financial statements at fair value. The fair value of the investment property at 30 June 2022 was £ 119,952. The valuation utilized represents the full value at sale completion on 29th July 2022.

 

3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
1,496
489
Other debtors
-
0
2,881
1,496
3,370
HELMWALL PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
3
Debtors
(Continued)
- 6 -
4
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,482
1,482
Other creditors
-
0
5,000
1,482
6,482
5
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary shares of £1 each
2
2

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 capital contribution reserve and revaluation reserve to create distributable reserves. This resulted in the capital contribution reserve to be brought down to £nil and revaluation reserve to £nil. The amount by which the company's capital is reduced was credited to the Company’s profit and loss account 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.

 

 

6
Profit and loss reserves

There is an amount of £ Nil (2022: £119,552) included in profit and loss reserves due to the revaluation of investment property. This is now nil as the property has been sold by the year end.

 

HELMWALL PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 7 -
7
Parent company

The company's immediate parent undertaking is Helmwall Holdings Limited by the virtue of 100% ownership of the shares. It has included the company in its group financial statements, copies of which are available from its registered office: 48 The Avenue, London, England, NW6 7NP.

 

 

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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