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COMPANY REGISTRATION NUMBER: 13934725
HELIOS LEGAL SERVICES LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 July 2024
HELIOS LEGAL SERVICES LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 JULY 2024
Contents
Pages
Balance sheet 1 to 2
Notes to the financial statements 3 to 7
HELIOS LEGAL SERVICES LIMITED
BALANCE SHEET
31 July 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
5
144,396
Tangible assets
6
37,854
------------
------------
182,250
Current assets
Work in progress
7
145,000
Debtors
8
135,494
100
Cash at bank and in hand
88,247
------------
------------
368,741
100
Creditors: amounts falling due within one year
9
( 474,615)
------------
------------
Net current (liabilities)/assets
( 105,874)
100
------------
------------
Total assets less current liabilities
76,376
100
Provisions
( 955)
------------
------------
Net assets
75,421
100
------------
------------
Capital and reserves
Called up share capital
11
100
100
Profit and loss account
75,321
------------
------------
Shareholders funds
75,421
100
------------
------------
These financial statements have been prepared and delivered 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'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
HELIOS LEGAL SERVICES LIMITED
BALANCE SHEET (continued)
31 July 2024
These financial statements were approved by the board of directors and authorised for issue on 4 November 2024 , and are signed on behalf of the board by:
Mr D A Gilman
Director
Company registration number: 13934725
HELIOS LEGAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 JULY 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 6-8 New North Parade, Huddersfield, West Yorkshire, HD1 5JP, 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Revenue recognition
The fee income shown in the profit and loss account represents the value of work done during the year. This income is stated exclusive of value added tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
15% straight line
Computer equipment
-
33% straight line
Leasehold improvements
-
10% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Work in progress
Work in progress is measured at the lower of cost and net realisable value of unbilled work as at the balance sheet date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 24 (2023: Nil).
5. Intangible assets
Goodwill
£
Cost
Additions
160,440
------------
At 31 July 2024
160,440
------------
Amortisation
Charge for the year
16,044
------------
At 31 July 2024
16,044
------------
Carrying amount
At 31 July 2024
144,396
------------
At 31 July 2023
------------
6. Tangible assets
Fixtures and fittings
Computer equipment
Leasehold improvements
Total
£
£
£
£
Cost
At 1 August 2023
Additions
3,283
4,376
40,521
48,180
------------
------------
------------
------------
At 31 July 2024
3,283
4,376
40,521
48,180
------------
------------
------------
------------
Depreciation
At 1 August 2023
Charge for the year
509
2,539
7,278
10,326
------------
------------
------------
------------
At 31 July 2024
509
2,539
7,278
10,326
------------
------------
------------
------------
Carrying amount
At 31 July 2024
2,774
1,837
33,243
37,854
------------
------------
------------
------------
At 31 July 2023
------------
------------
------------
------------
7. Work in progress
2024
2023
£
£
Work in progress
145,000
------------
------------
8. Debtors
2024
2023
£
£
Trade debtors
74,558
Prepayments and accrued income
60,836
Other debtors
100
100
------------
------------
135,494
100
------------
------------
9. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
49,473
Trade creditors
53,012
Accruals and deferred income
28,278
Corporation tax
51,290
Social security and other taxes
38,346
Director loan accounts
40,000
Other creditors
214,216
------------
------------
474,615
------------
------------
Bank loans and overdrafts are secured on the assets of the company.
10. Deferred tax
The deferred tax included in the balance sheet is as follows:
2024
2023
£
£
Included in provisions
955
------------
------------
11. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
------------
------------
------------
------------
12. Operating leases
The total future minimum lease payments under non-cancellable operating leases is £ 8,388 (2023: £nil).
13. Related party transactions
The company was loaned £40,000 from a director, on which £2,400 interest was charged in the year. £211,434 was also owed to a partnership containing one of the directors, including amounts due in relation to the acquisition of various business assets.