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REGISTERED NUMBER: 08386135 (England and Wales)


















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

HELENSLEA DEVELOPMENT LIMITED

HELENSLEA DEVELOPMENT LIMITED (REGISTERED NUMBER: 08386135)

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


HELENSLEA DEVELOPMENT LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTOR: R R Shah MSc FRICS





REGISTERED OFFICE: 55a Welbeck Street
London
W1G 9XQ





REGISTERED NUMBER: 08386135 (England and Wales)





ACCOUNTANTS: Arithma LLP
Chartered Certified Accountants
5 Jardine House
Harrovian Business Village
Bessborough Road
Harrow
Middlesex
HA1 3EX

HELENSLEA DEVELOPMENT LIMITED (REGISTERED NUMBER: 08386135)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1 818
Investments 5 2 2
3 820

CURRENT ASSETS
Stocks 19,707,558 21,102,847
Debtors 6 457,812 249,471
Cash at bank 177,295 137,699
20,342,665 21,490,017
CREDITORS
Amounts falling due within one year 7 19,427,500 20,614,508
NET CURRENT ASSETS 915,165 875,509
TOTAL ASSETS LESS CURRENT
LIABILITIES

915,168

876,329

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 915,167 876,328
915,168 876,329

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 director acknowledges his 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.

HELENSLEA DEVELOPMENT LIMITED (REGISTERED NUMBER: 08386135)

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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 9 September 2024 and were signed by:





R R Shah MSc FRICS - Director


HELENSLEA DEVELOPMENT LIMITED (REGISTERED NUMBER: 08386135)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Helenslea Development Limited 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.

TURNOVER
Turnover includes revenue from the sale of flats which recognised when the ownership has transferred to the buyer (usually on sale completion); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

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 - Straight line over 4 years

STOCKS
Stock comprises of residential development properties. The cost of these properties includes the acquisition cost of freehold land and buildings, development expenditure incurred thereon, and finance costs incurred until the development was completed.

Stock is stated at lower of cost and net realisable value.

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.

HELENSLEA DEVELOPMENT LIMITED (REGISTERED NUMBER: 08386135)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 January 2023
and 31 December 2023 24,758
DEPRECIATION
At 1 January 2023 23,940
Charge for year 817
At 31 December 2023 24,757
NET BOOK VALUE
At 31 December 2023 1
At 31 December 2022 818

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 January 2023
and 31 December 2023 2
NET BOOK VALUE
At 31 December 2023 2
At 31 December 2022 2

The company owns 100% of the issued share capital of Beaumont Management Company Limited, a company incorporated in England and Wales.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 64,875 154,460
Other debtors 392,937 95,011
457,812 249,471

HELENSLEA DEVELOPMENT LIMITED (REGISTERED NUMBER: 08386135)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 13,941,421 15,100,000
Amounts owed to group undertakings 5,208,064 5,209,264
Taxation and social security 12,054 3,254
Other creditors 265,961 301,990
19,427,500 20,614,508

The bank loan is secured over the company’s completed units at The Beaumont, Helenslea Avenue, Golders Green, London NW11 which are held as trading stock for resale.

8. CONTROLLING PARTY

The company is controlled by Helenslea Holdings Limited, registered in England & Wales as the parent company.