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COMPANY REGISTRATION NUMBER:
09791662
Heathrow Leonardo GP Limited |
|
Heathrow Leonardo GP Limited |
|
Year ended 31 March 2024
Officers and professional advisers |
1 |
|
|
Directors' responsibilities statement |
4 |
|
|
Independent auditor's report to the members |
5 |
|
|
Statement of income and retained earnings |
9 |
|
|
Statement of financial position |
10 |
|
|
Notes to the financial statements |
11 |
|
|
Heathrow Leonardo GP Limited |
|
Officers and Professional Advisers |
|
The board of directors |
Manish Gudka |
|
Mansukh Gudka |
|
|
Registered office |
4th Floor |
|
22 Baker Street |
|
London |
|
England |
|
W1U 3BW |
|
|
Auditor |
Asta Accountants Ltd |
|
Chartered Certified Accountants & statutory auditor |
|
Devonshire House |
|
582 Honeypot Lane |
|
Stanmore |
|
HA7 1JS |
|
|
Company registration number
09791662
Heathrow Leonardo GP Limited |
|
Year ended 31 March 2024
The directors present their report and the financial statements of the company for the year ended
31 March 2024
.
Principal activities
The principal activity of the company during the year was that of being a general partner of a limited partnership.
Directors
The directors who served the company during the year were as follows:
Manish Gudka |
|
Mansukh Gudka |
|
|
|
The directors holding office at the end of this reporting period did not hold any beneficial interest in the issued share capital of the company during this reporting period.
Results & dividends
The loss for the period ended 31 March 2024 amounted to £633,505 (2023:Loss £280,070). The directors do not recommend the payment of a dividend for this reporting period (comparative period: Nil)
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
-
so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on
3 July 2024
and signed on behalf of the board by:
Heathrow Leonardo GP Limited |
|
Directors' Responsibilities Statement |
|
Year ended 31 March 2024
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Heathrow Leonardo GP Limited |
|
Independent Auditor's Report to the Members of
Heathrow Leonardo GP Limited |
|
Year ended 31 March 2024
Opinion
We have audited the financial statements of Heathrow Leonardo GP Limited (the 'company') for the year ended 31 March 2024 which comprise the statement of income and retained earnings, statement of financial position and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its loss for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
The directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
The directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
-
the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
-
the directors' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit; or - the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Capability of the audit in detecting irregularities, including fraud Based on our understanding of the company and industry in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to limited partnerships, tax legislation, data protection, environmental protection and health and safety regulations. We considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting inappropriate journal entries to increase revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included, but were not limited to: - enquiries with management including consideration of known or suspected instances of fraud and non-compliance with laws and regulations; - inspecting correspondence with regulators and tax authorities; - challenging assumptions and judgements made by management in determining significant accounting estimates; - identifying and testing journal entries, in particular journal entries posted with unusual account combinations, journal entries crediting cash and journal entries with specific defined descriptions; - challenging why certain items are excluded or included from underlying profit and review of disclosures included in the Annual Report. There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Use of our report
This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Mr Jayantkumar Maganlal Mistry |
(Senior Statutory Auditor) |
|
For and on behalf of |
Asta Accountants Ltd |
Chartered Certified Accountants & statutory auditor |
Devonshire House |
582 Honeypot Lane |
Stanmore |
HA7 1JS |
|
3 July 2024
Heathrow Leonardo GP Limited |
|
Statement of Income and Retained Earnings |
|
Year ended 31 March 2024
|
|
Period from |
|
Year to |
6 Apr 22 to |
|
31 Mar 24 |
31 Mar 23 |
Note |
£ |
£ |
|
|
|
Other operating income |
(
633,505) |
(
280,070) |
|
--------- |
--------- |
Operating loss |
(
633,505) |
(
280,070) |
|
|
|
|
--------- |
--------- |
Loss before taxation |
(
633,505) |
(
280,070) |
|
|
|
Tax on loss |
– |
– |
|
--------- |
--------- |
Loss for the financial year and total comprehensive income |
(
633,505) |
(
280,070) |
|
--------- |
--------- |
|
|
|
Retained losses at the start of the year |
(
1,813,157) |
(
1,533,087) |
|
------------ |
------------ |
Retained losses at the end of the year |
(
2,446,662) |
(
1,813,157) |
|
------------ |
------------ |
|
|
|
All the activities of the company are from continuing operations.
Heathrow Leonardo GP Limited |
|
Statement of Financial Position |
|
31 March 2024
Current assets
Debtors |
4 |
– |
15 |
Cash at bank and in hand |
15 |
– |
|
---- |
---- |
|
15 |
15 |
|
|
|
|
Creditors: amounts falling due within one year |
5 |
2,446,662 |
1,813,157 |
|
------------ |
------------ |
Net current liabilities |
2,446,647 |
1,813,142 |
|
------------ |
------------ |
Total assets less current liabilities |
(
2,446,647) |
(
1,813,142) |
|
------------ |
------------ |
|
|
|
|
Capital and reserves
Share capital |
6 |
15 |
15 |
Profit and loss account |
(
2,446,662) |
(
1,813,157) |
|
------------ |
------------ |
Shareholders deficit |
(
2,446,647) |
(
1,813,142) |
|
------------ |
------------ |
|
|
|
|
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements were approved by the
board of directors
and authorised for issue on
3 July 2024
, and are signed on behalf of the board by:
Company registration number:
09791662
Heathrow Leonardo GP Limited |
|
Notes to the Financial Statements |
|
Year ended 31 March 2024
1.
General information
The company is a private company limited by shares, registered in England. The address of the registered office is 4th Floor, 22 Baker Street, London, W1U 3BW, England.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors, after making enquiries and considering the available resources, have formed a judgement that there is reasonable expectation that the company has adequate resources to continue operating in the foreseeable future, along with on-going support from both the controlling and parent companies.The directors have also considered the impact of Covid-19 and felt that while there might have been an impact, the support of parent companies has enabled the operations to continue. Therefore the going concern basis has been adopted in preparing these financial statements.
Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, 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. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.
4.
Debtors
|
2024 |
2023 |
|
£ |
£ |
Other debtors |
– |
15 |
|
---- |
---- |
|
|
|
5.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Other creditors |
2,446,662 |
1,813,157 |
|
------------ |
------------ |
|
|
|
6.
Share capital
Issued, called up and fully paid
|
2024 |
2023 |
|
No. |
£ |
No. |
£ |
Ordinary shares of £ 1 each |
15 |
15 |
15 |
15 |
|
---- |
---- |
---- |
---- |
|
|
|
|
|
Shares issued and fully paid
|
2024 |
2023 |
|
No. |
£ |
No. |
£ |
Ordinary shares of £ 1 each |
15 |
15 |
15 |
15 |
|
---- |
---- |
---- |
---- |
|
|
|
|
|
Shares issued and partly paid
7.
Related party transactions
No transactions with related parties were undertaken such as are required to be disclosed under FRS 102.
8.
Ultimate parent undertaking and controlling party
The company's ultimate parent undertaking is Aprirose Holding Limited, a company incorporated in England.