Caseware UK (AP4) 2023.0.135 2023.0.135 2024-01-312024-01-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-02-01falseNo description of principal activity53truetruefalse 13836904 2023-02-01 2024-01-31 13836904 2022-01-10 2023-01-31 13836904 2024-01-31 13836904 2023-01-31 13836904 c:Director1 2023-02-01 2024-01-31 13836904 c:Director2 2023-02-01 2024-01-31 13836904 c:Director3 2023-02-01 2024-01-31 13836904 c:RegisteredOffice 2023-02-01 2024-01-31 13836904 d:ComputerEquipment 2023-02-01 2024-01-31 13836904 d:ComputerEquipment 2024-01-31 13836904 d:ComputerEquipment 2023-01-31 13836904 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 13836904 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-02-01 2024-01-31 13836904 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-01-31 13836904 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-01-31 13836904 d:CopyrightsPatentsTrademarksServiceOperatingRights 2023-02-01 2024-01-31 13836904 d:CopyrightsPatentsTrademarksServiceOperatingRights 2024-01-31 13836904 d:CopyrightsPatentsTrademarksServiceOperatingRights 2023-01-31 13836904 d:OtherResidualIntangibleAssets 2023-02-01 2024-01-31 13836904 d:CurrentFinancialInstruments 2024-01-31 13836904 d:CurrentFinancialInstruments 2023-01-31 13836904 d:CurrentFinancialInstruments d:WithinOneYear 2024-01-31 13836904 d:CurrentFinancialInstruments d:WithinOneYear 2023-01-31 13836904 d:ShareCapital 2024-01-31 13836904 d:ShareCapital 2023-01-31 13836904 d:SharePremium 2024-01-31 13836904 d:SharePremium 2023-01-31 13836904 d:OtherMiscellaneousReserve 2023-02-01 2024-01-31 13836904 d:OtherMiscellaneousReserve 2024-01-31 13836904 d:OtherMiscellaneousReserve 2023-01-31 13836904 d:RetainedEarningsAccumulatedLosses 2024-01-31 13836904 d:RetainedEarningsAccumulatedLosses 2023-01-31 13836904 c:OrdinaryShareClass1 2023-02-01 2024-01-31 13836904 c:OrdinaryShareClass1 2024-01-31 13836904 c:OrdinaryShareClass1 2023-01-31 13836904 c:OrdinaryShareClass2 2023-02-01 2024-01-31 13836904 c:OrdinaryShareClass2 2024-01-31 13836904 c:FRS102 2023-02-01 2024-01-31 13836904 c:AuditExempt-NoAccountantsReport 2023-02-01 2024-01-31 13836904 c:FullAccounts 2023-02-01 2024-01-31 13836904 c:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 13836904 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:ExternallyAcquiredIntangibleAssets 2023-02-01 2024-01-31 13836904 d:CopyrightsPatentsTrademarksServiceOperatingRights d:ExternallyAcquiredIntangibleAssets 2023-02-01 2024-01-31 13836904 2 2023-02-01 2024-01-31 13836904 d:ExternallyAcquiredIntangibleAssets 2023-02-01 2024-01-31 13836904 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2023-02-01 2024-01-31 13836904 d:CopyrightsPatentsTrademarksServiceOperatingRights d:OwnedIntangibleAssets 2023-02-01 2024-01-31 13836904 e:PoundSterling 2023-02-01 2024-01-31 xbrli:shares iso4217:GBP xbrli:pure


Registered number: 13836904












HELIO FINTECH LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

 

HELIO FINTECH LTD

CONTENTS



Page
Company information
 
1
Balance sheet
 
2 - 3
Notes to the financial statements
 
4 - 12


 

HELIO FINTECH LTD
 
COMPANY INFORMATION


Directors
S Paumen 
J Walker 
D Zwagemaker 




Registered number
13836904



Registered office
16 Great Queen Street
Covent Garden

London

WC2B 5AH




Accountants
Blick Rothenberg Limited
Chartered Accountants

16 Great Queen Street

Covent Garden

London

WC2B 5AH




Page 1


 
REGISTERED NUMBER:13836904
HELIO FINTECH LTD

BALANCE SHEET
AS AT 31 JANUARY 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
257,986
25,682

Tangible assets
 5 
7,204
1,407

  
265,190
27,089

Current assets
  

Debtors: amounts falling due within one year
 6 
15,530
1,496

Cash at bank and in hand
  
1,454,206
37,110

  
1,469,736
38,606

Creditors: amounts falling due within one year
 7 
(308,528)
(373,235)

Net current assets/(liabilities)
  
 
 
1,161,208
 
 
(334,629)

  

Net assets/(liabilities)
  
1,426,398
(307,540)


Capital and reserves
  

Called up share capital 
 8 
275
200

Share premium account
 9 
2,680,578
-

Other reserves
 9 
-
16,190

Profit and loss account
 9 
(1,254,455)
(323,930)

Total equity/(deficit)
  
1,426,398
(307,540)


Page 2


 
REGISTERED NUMBER:13836904
HELIO FINTECH LTD
    
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




S Paumen
Director

Date: 16 October 2024

The notes on pages 4 to 12 form part of these financial statements.

Page 3

 

HELIO FINTECH LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.


General information

Helio Fintech Ltd is a private company limited by shares incorporated in England and Wales. The address of its registered office is 16 Great Queen Street, Covent Garden, London, United Kingdom, WC2B 5AH.

The company was incorporated on 10 January 2022 and the prior period’s financial statements are made up to the period ended 31 January 2023, so the comparatives are not comparable with the current year’s financial statements.
The financial statements are presented in Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the profit and loss account within 'administrative expenses'.

Page 4

 

HELIO FINTECH LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Platform income
Platform revenues are recognised at the point that the user commercially exploits the company's intellectual property, as provided for in the platform agreement, to recognize the revenue over the appropriate accounting period.
Non-Fungible Token income
Non-Fungible Token ("NFT") income is recognised when the economic benefits of the holding the NFT has been passed from the 3rd party minting company to the end consumer and the risks and rewards of ownership have been transferred.

 
2.5

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 5

 

HELIO FINTECH LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.8

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Domain and trademark
-
10
years

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment
-
33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 6

 

HELIO FINTECH LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

  
2.10

Financial instruments

The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.
Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. 
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.
The company’s policies for its major classes of financial assets and financial liabilities are set out below. 
Financial assets
Basic financial assets, including trade and other debtors and cash and bank balances 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Financial liabilities
Basic financial liabilities, including other creditors, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. 
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. 
For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. 
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.
 
Page 7

 

HELIO FINTECH LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. 
Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are 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.

  
2.12

Share capital

Ordinary shares are classified as equity.


3.


Employees

The average monthly number of employees, including directors, during the year was 5 (2023 - 3).

Page 8

 

HELIO FINTECH LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

4.


Intangible assets




Other Intangibles
Domain and trademark
Total

£
£
£



Cost and valuation


At 1 February 2023
-
28,347
28,347


Additions
174,782
-
174,782


Revaluation surplus
60,357
-
60,357



At 31 January 2024

235,139
28,347
263,486



Amortisation


At 1 February 2023
-
2,665
2,665


Charge for the year
-
2,835
2,835



At 31 January 2024

-
5,500
5,500



Net book value



At 31 January 2024
235,139
22,847
257,986



At 31 January 2023
-
25,682
25,682



Page 9

 

HELIO FINTECH LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

5.


Tangible fixed assets





Computer equipment

£



Cost


At 1 February 2023
1,583


Additions
7,578



At 31 January 2024

9,161



Depreciation


At 1 February 2023
176


Charge for the year
1,781



At 31 January 2024

1,957



Net book value



At 31 January 2024
7,204



At 31 January 2023
1,407

Page 10

 

HELIO FINTECH LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

6.


Debtors

2024
2023
£
£


Other debtors
7,018
1,496

Prepayments and accrued income
8,512
-

15,530
1,496



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Other taxation and social security
6,593
876

Other creditors
293,685
364,609

Accruals and deferred income
8,250
7,750

308,528
373,235



8.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



110,162,404 (2023 - 100,000,000) Ordinary shares of £0.000002 each
220
200
27,389,900 (2023 - nil) Series Seed convertible preferred shares of £0.000002 each
55
-

275

200


During the year, the company issued the following shares:
On 1 April 2023 - issued 10,162,404 Ordinary shares of £0.000002 each at a premium of £0.062 each.
On 1 April 2023 - issued 27,389,900 Series seed convertible preferred shares of £0.000002 each at a premium of £0.075 each.


9.


Reserves

Other reserves

Other reserves represent advance funding for shares to be issued at a future date, depending on future funding rounds.

Page 11

 

HELIO FINTECH LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

10.


Related party transactions

Included within other creditors are the following balances with related parties: 


2024
2023
£
£

Director
66,637
100,990
Shareholder
228,221
262,574
294,858
363,564

Amounts owed to related parties are unsecured, interest free and repayable on demand.

 
Page 12