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REGISTERED NUMBER: 09360237 (England and Wales)


















Unaudited Financial Statements

for the Year Ended 31 December 2023

for

Heimdall Ventures Ltd

Heimdall Ventures Ltd (Registered number: 09360237)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Heimdall Ventures Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTORS: S Gargiulo
L Klemos
C P Rading
Miss A Burn





REGISTERED OFFICE: 16 Beaufort Court
Admirals Way
Docklands
London
E14 9XL





REGISTERED NUMBER: 09360237 (England and Wales)





ACCOUNTANTS: RBS Accountants Limited
16 Beaufort Court
Admirals Way
London
Docklands
London
E14 9XL

Heimdall Ventures Ltd (Registered number: 09360237)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 - 408
Investments 5 100 100
Investment property 6 5,425,000 5,855,000
5,425,100 5,855,508

CURRENT ASSETS
Debtors 7 38,085 13,842
Cash at bank 148,076 164,265
186,161 178,107
CREDITORS
Amounts falling due within one year 8 1,859,291 1,892,839
NET CURRENT LIABILITIES (1,673,130 ) (1,714,732 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,751,970

4,140,776

CREDITORS
Amounts falling due after more than one
year

9

(2,456,137

)

(2,864,646

)

PROVISIONS FOR LIABILITIES (262,250 ) (121,379 )
NET ASSETS 1,033,583 1,154,751

CAPITAL AND RESERVES
Called up share capital 86,710 86,710
Share premium 70,347 70,347
Non distributable reserve 11 786,749 869,347
Retained earnings 89,777 128,347
SHAREHOLDERS' FUNDS 1,033,583 1,154,751

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Heimdall Ventures Ltd (Registered number: 09360237)

Balance Sheet - continued
31 December 2023


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 March 2024 and were signed on its behalf by:





C P Rading - Director


Heimdall Ventures Ltd (Registered number: 09360237)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Heimdall Ventures Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 33% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Other operating income
Other operating income relates to rental income from the freehold property owned by the company.

Rental income is recognised in the period the rent is due.

Pensions
The company contributes to individual employee's workplace pension plans. Contributions payable are charged to the income statement in the period to which they relate to. The assets of the plan are held separately from those of the company in independently administered funds.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

Heimdall Ventures Ltd (Registered number: 09360237)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. PROPERTY, PLANT AND EQUIPMENT
Fixtures
and
fittings
£   
COST
At 1 January 2023
and 31 December 2023 10,720
DEPRECIATION
At 1 January 2023 10,312
Charge for year 408
At 31 December 2023 10,720
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 408

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 100
NET BOOK VALUE
At 31 December 2023 100
At 31 December 2022 100

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023 5,855,000
Disposals (430,000 )
At 31 December 2023 5,425,000
NET BOOK VALUE
At 31 December 2023 5,425,000
At 31 December 2022 5,855,000

Heimdall Ventures Ltd (Registered number: 09360237)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

6. INVESTMENT PROPERTY - continued

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2015 56,539
Valuation in 2016 170,428
Valuation in 2017 150,000
Valuation in 2018 169,146
Valuation in 2019 1,125
Valuation in 2020 501,761
Cost 4,376,001
5,425,000

If the investment properties had not been revalued they would have been included at the following historical cost:

31.12.23 31.12.22
£    £   
Cost 4,376,001 4,743,750

The investment properties were valued on an open market basis on 31 December 2020 by the directors .

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 14,925 12,372
Amounts owed by group undertakings 6,630 1,470
Prepayments 16,530 -
38,085 13,842

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 1,826,779 1,859,533
Trade creditors 3,799 552
Tax 20,725 21,878
Social security and other taxes 461 2,320
Other creditors 6,027 5,532
Accrued expenses 1,500 3,024
1,859,291 1,892,839

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Lloyds Mortgage - 2-5 years 115,972 182,209
Other bank loans 25,000 35,000
Bank loans more 5 yr by instal 340,411 672,752
Directors loan account 1,003,036 1,002,967
Other loans more 5yrs non-inst 971,718 971,718
2,456,137 2,864,646

Heimdall Ventures Ltd (Registered number: 09360237)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
31.12.23 31.12.22
£    £   
Amounts falling due in more than five years:

Repayable otherwise than by instalments
Directors loan account 1,003,036 1,002,967
Other loans more 5yrs non-inst 971,718 971,718
1,974,754 1,974,685

Repayable by instalments
Bank loans more 5 yr by instal 340,411 672,752

10. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
bank loans 2,283,162 2,714,495

The company has outstanding charges on the bank loan from Lloyds Bank on the following properties:

1) 7-8 Whitehall Court, Courtley, Leeds, LS12 5QF
2) 21 Marley Street (Flat A-E) Beeston, Leeds.
3) 16-28 Snig Hill, Sheffield, S3 8NG
4) 1 Aston View, Bramley, Leeds LS13 2DA.

11. RESERVES
Non
distributable
reserve
£   
At 1 January 2023 869,347
Net movements in property valu
ation (82,598 )

At 31 December 2023 786,749

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2023 and 31 December 2022:

31.12.23 31.12.22
£    £   
S Gargiulo
Balance outstanding at start of year 478,077 478,077
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 478,077 478,077

Heimdall Ventures Ltd (Registered number: 09360237)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

L Klemos
Balance outstanding at start of year 177,632 177,632
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 177,632 177,632

C P Rading
Balance outstanding at start of year 135,520 135,520
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 135,520 135,520

Miss A Burn
Balance outstanding at start of year 211,738 211,738
Amounts advanced 69 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 211,807 211,738

13. RELATED PARTY DISCLOSURES

The directors of the company together control 71.00% of the shares of the company