REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 December 2023 |
for |
Helios Technology Limited |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 December 2023 |
for |
Helios Technology Limited |
Helios Technology Limited (Registered number: 03257217) |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
Helios Technology Limited |
Company Information |
for the Year Ended 31 December 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Chartered Accountants |
Statutory Auditor |
Ashcombe House |
5 The Crescent |
Leatherhead |
Surrey |
KT22 8DY |
Helios Technology Limited (Registered number: 03257217) |
Statement of Financial Position |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Debtors: amounts falling due within one year | 6 |
Debtors: amounts falling due after more than one year |
6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Capital redemption reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Helios Technology Limited (Registered number: 03257217) |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Helios Technology Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. |
The following principal accounting policies have been applied: |
Consolidation |
The company and its subsidiary undertaking comprise a small group. The company has therefore taken advantage of the exemption provided by Section 399(2A) of the Companies Act 2006 not to prepare group accounts. |
Turnover |
Turnover represents consultancy services provided, which are measured at the fair value of work performed, excluding discounts, rebates, value added tax and other sales taxes. |
Revenue recognised as amounts recoverable on long-term contacts is shown within accrued income in these accounts, and is recognised on a individual basis as activity progresses in accordance with the substance of each contract, when the stage of completion can be estimated reliably. The stage of completion is estimated using a range of factors, including costs incurred, amounts already recognised under the contract, and estimated costs to completion. |
Tangible fixed assets |
Tangible fixed assets are initially recorded at cost, less any subsequent accumulated depreciation and subsequent impairment losses. |
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life. |
Plant and machinery - 25% on cost |
Fixtures and fittings - 10% on cost |
Investments in group undertakings |
Investments in group undertakings are shown under fixed asset investments in these accounts, and are recognised at cost less any accumulated provisions for impairment, which is assessed by the directors at each reporting date. |
Financial instruments |
With the exception of the derivatives below, the company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. |
Derivatives |
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in the Income Statement immediately. A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability. |
Helios Technology Limited (Registered number: 03257217) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
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 statement of financial position date, adjusted where applicable for double taxation relief in respect of foreign tax suffered. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 the 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. |
R&D |
Expenditure on R&D activities is included in the Income Statement in the year in which it is incurred. |
Foreign currencies |
Transactions in currencies other than Pounds Sterling, which is the functional and presentation currency of the company, are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date, including assets and liabilities of foreign branches. Gains and losses arising on translation are included in the Income Statement for the period. |
The results of foreign branches are included in the Income Statement at the average exchange rate for the |
year. |
The company used forward contracts to manage its foreign currency risk exposure. These are accounted for in the financial statements at fair value, and shown under derivatives in the debtors note. |
Operating leases |
Rentals paid under operating leases are charged to the Income Statement on a straight-line basis over the period of the lease. |
Short-term rentals are charged to the Income Statement when incurred, as adjusted for any amounts relating to periods extending after the current reporting period. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the scheme are charged to the Income Statement in the period to which they relate. |
Dividends |
Dividends are recognised when the shareholder's right to receive payment is established. |
Interest receivable |
Interest receivable is recognised in profit or loss using the effective interest method. |
Interest payable |
Interest payable is recognised in profit or loss using the effective interest method. |
Helios Technology Limited (Registered number: 03257217) |
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 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and |
machinery | fittings | Totals |
£ | £ | £ |
COST |
At 1 January 2023 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
6. | DEBTORS |
2023 | 2022 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Derivatives | - | 5,864 |
Directors' loan accounts | 5,354 | 5,709 |
Tax |
Prepayments and accrued income |
Helios Technology Limited (Registered number: 03257217) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
6. | DEBTORS - continued |
2023 | 2022 |
£ | £ |
Amounts falling due after more than one year: |
Other debtors |
Directors' loan accounts | 31,153 | 36,193 |
Aggregate amounts |
Amounts owed by group undertakings are interest free and repayable on demand. |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Social security and other taxes |
Other creditors |
Accruals and deferred income |
Amounts owed to group undertakings are interest free and repayable on demand. |
8. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
Helios Technology Limited (Registered number: 03257217) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 31 December 2023 and 31 December 2022: |
2023 | 2022 |
£ | £ |
Balance outstanding at start of year |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
The above loan to M Scott, which is denominated in Euros, is interest free and due for repayment in equal annual instalments by 1 March 2030. The payment for 2020 was deferred until the end of the agreement. |
The above loan to Dr C M Davies, which was denominated in Euros, was interest free. During the prior year this loan was repaid via the debt being transferred to another group company. |
The above loan to A Parkinson, which is denominated in Euros, is interest free and due for repayment in equal annual instalments by 1 March 2029. The payment for 2020 was deferred until the end of the agreement. The loan above is shown as an addition during 2021 as A Parkinson was made a director during the year. The loan was pre-existing, and was previously shown under other debtors. |
11. | RELATED PARTY DISCLOSURES |
The company has taken advantage of the exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
12. | PARENT COMPANIES |
The parent company of the smallest and largest group of which Helios Technology Limited is a member which prepares consolidated accounts is Egis S.A, a company registered at 15, Avenue de Centre, CS20538 Guyancourt, 78286 St Quentin en Yvelines, France. |
13. | SECURITIES AND GUARANTEES |
A debenture is in issue in favour of the company's bank comprising fixed and floating charges over the assets of the company. |
The company has guaranteed its performance of various contracts to a total value as at 31 December 2023 of 396,788 Euros (2022: 376,435 Euros and 55,104 Polish Zlotys). |
Helios Technology Limited (Registered number: 03257217) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
14. | CONTINGENT LIABILITY |
During the year the company received £46,111 from HM Revenue & Customs in respect of its R&D claim for 2021. The company's corporation tax return for that year is currently under enquiry by HM Revenue & Customs, the outcome of which cannot be reliably estimated. It is possible that as a result of the enquiry part or all of the amount received may be repayable once the enquiry has concluded, however it is not possible to estimate the date of conclusion. |