HELIPORT LONDON LIMITED
Directors: G. Selzer
Registered Office: 5.2 Central House
1 Ballards Lane
N3 1LQ
Registered No: 13223700 (England & Wales)
Financial statements
For the period of 10 months ended 31 December 2023
page
Statement of financial position 1
Notes to the financial statements 2-5
HELIPORT LONDON LIMITED
Statement of financial position as at 31 December 2023
31.12.2023 28.02.2023
Notes £ £ £
Current assets
Debtors 4 85,595 24,813
Inventory and work in progress 5 4,276,205 3,936,273
Cash at bank and in hand 91,623 18,590
4,453,423 3,979,676
Creditors: Amounts falling due
within one year 6 ( 108,834) ( 3,990,137)
Net current liabilities 4,344,589 (10,461)
Creditors: Amounts falling due
after more than one year 7 (4,373,761) 0
Total liabilities less assets £( 29,172) £( 10,461)
Capital and deficit
£ £
Called up share capital 8 200 200
Profit and loss account ( 29,372) (10,661)
Shareholders' fund £( 29,172) £( 10,461)
For the year ending 31 December 2023 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 for the preparation of accounts.
The financial statements have been prepared in accordance with special provision of Part 15 of the Companies Act 2006 relating to small companies and with the provisions of FRS 102 Section 1A Small Entities.
The notes on pages 2 to 5 form an integral part of these financial statements.
The financial statements on pages 1 to 5 were approved by the Board of Directors and were signed on its behalf by:
___________________
G. Selzer
Director 31 July 2024
HELIPORT LONDON LIMITED
Notes to the financial statements - 31 December 2023
COMPANY INFORMATION
1. Company Information
Heliport London Limited is a private limited company incorporated and registered in the UK. The address of its registered office is 5.2 Central House, 1 Ballards Lane, N3 1LQ.
The company is a subsidiary of CIHH Limited a company registered in the UK.
2. Accounting Policies
2.1 Basis of accounting
The financial statements have been prepared on a going concern basis, under historical cost convention and in accordance with the provisions of FRS 102 Sedction 1A small entities and the Companies Act 2006.
The financial statements are presented in sterling (£).
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
2.2 Going concern
The parent company is funding the cash flow requirements of the company. The parent company guarantees that it will not demand the amount owed to it if it will put at risk the the company's ability to continue as a going concern. This guarantee is provided for for a period of at least 12 months from the date of the financial statements.
Taking the above into account the directors are of the opinion that the financial statements can be prepared on a going concern basis.
2.3 Financial instruments
The company has chosen to adapt the sections 11 & 12 of FRS 102 in respect of financial instruments:
(i) Financial assets
Basic financial assets including trade and other receivables and cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financial transaction, where the transaction is measured at present value of the future receipts discounted at the market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method and are assess for objective evidence of impairment at the end of each reporting period.
HELIPORT LONDON LIMITED
Notes to the financial statements - 31 December 2023
2. Accounting Policies (continued)
2.3 Financial instruments (continued)
(ii) Financial liabilities
Basic financial liabilities including trade and other payable are initially recognised at transaction price unless arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future receipts discounted at a market value of interest debt instruments are subsequently carried at amortised costs using the effective interest rate method.
2.4 Debtors
Short term debtors that includes trade and other receivables are measured at transaction price, less any impairment.
2.5 Inventory and work in progress
Inventory and work in progress is valued at lower of cost and resalable value.
Costs include the purchase value of the land and the building including related transaction costs and additional development expenses.
2.6 Creditors
Basic financial liabilities including trade and other payable are measured at transaction price.
2.7 Current & deferred taxation
Deferred taxation is provided using the liability method to take into account timing from the inclusion of items of expenditure in taxation computations in periods that differ from those differences arising in which they are included in the financial statements to the extent that it is probably that an or assets will crystallize in the future.
Provision for deferred taxation is set off against debit balance of deferred taxation.
The current income tax charged is calculated on the basis of the tax rate and laws that have been enacted or substantially enacted by the reporting date in the countries where the company operated and generates income.
2.8 Foreign Currencies
Assets and liabilities in foreign currencies are translated into Sterling at the rate of exchange ruling at the balance sheet date. Transaction in foreign currencies are translated into Sterling at the rate of exchange ruling at the date of the transaction. Exchange rate differences are taken into account in arriving at the operating profit.
HELIPORT LONDON LIMITED
Notes to the financial statements - 31 December 2023
3. Number of employees
31.12.2023 28.02.2023
£
Number of employees 0 0
4. Debtors
31.12.2023 28.02.2023
£ £
Ultimate parent company 7,412 0
Advance to suppliers 52,619 0
VAT 25,564 12,813
Other debtors 0 12,000
85,595 24,813
5. Inventory and work in progress
31.12.2023 28.02.2023
£ £
Property development costs 4,276,205 3,936,273
4,276,205 3,936,273
6. Creditors: Amounts falling
due within one year 31.12.2023 28.02.2023
£ £
Trade creditors 43,818 104,020
Parent company 0 3,883,617
Related company 9,802 0
Accruals 55,214 2,500
108,834 3,990,137
HELIPORT LONDON LIMITED
Notes to the financial statements - 31 December 2023
7. Creditors: Amounts falling
due after more than one year 31.12.2023 28.02.2023
£ £
Parent company 4,373,761 0
4,373,761 0
8. Share Capital 31.12.2023 28.02.2023
£ £
Allotted, called up and fully paid:
200 Ordinary Shares of £1each 200 200
9. Related party disclosures
Control:
The company is a wholly owned subsidiary of CIHH Ltd, a company registered in the UK.
The ultimate parent company is Heliport Israel Ltd.
Transactions:
The company is exempt from disclosing transactions with related parties that are wholly owned within the same group in accordance with FRS 102 Section 33(1)A.
10. Commitment
There were no financial commitments as per 31 December 2023 (28.02.2023 - nil).
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