Company Registration No. 13049275 (England and Wales)
HEETON MANAGEMENT (UK) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
LB GROUP
The Octagon
Suite E2, 2nd Floor
Middleborough
Colchester
CO1 1TG
HEETON MANAGEMENT (UK) LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
HEETON MANAGEMENT (UK) LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
4
187,580
215,361
Creditors: amounts falling due within one year
5
(191,339)
(217,395)
Net current liabilities
(3,759)
(2,034)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(3,859)
(2,134)
Total equity
(3,759)
(2,034)

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 12 November 2024 and are signed on its behalf by:
Edwin Liu
Director
Company Registration No. 13049275
HEETON MANAGEMENT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Heeton Management (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Suite E2 2nd Floor, The Octagon, Middleborough, Colchester, Essex, CO1 1TG.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention.The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Heeton Holdings Limited.These consolidated financial statements are available from its registered office, 60 Paya Lebar Road, #08-36 Paya Lebar Square, Singapore 409051.

1.2
Going concern

The Company is in a net current liability position of £3,759 at the balance sheet date, main creditor being £172,979 owing to connected companies, which the ultimate parent undertaking has confirmed in writing to the directors it will not recall until the company is in a position to repay this and for at least 12 months from the date these financial statements are signed.

 

At the balance sheet date, £173,000 is due from connected companies which the ultimate parent undertaking has confirmed in writing to the directors will not be recalled until the companies are in a position to repay this and for at least 12 months from the date these financial statements are signed.

 

The directors have considered the forecasted future operations of the company and that the ultimate parent undertaking has confirmed to provide continuing financial support to the company, and have concluded that the company will have adequate resources to continue in business for the foreseeable future, being at least 12 months from the date of approval of these financial statements. With this, the directors continue to adopt the going concern basis of accounting in preparing these financial statements.

 

HEETON MANAGEMENT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.3
Turnover

Company earns revenue from management fees.

 

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of value added tax. The company was registered for VAT in the year.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

HEETON MANAGEMENT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons employed by the company during the year was:

2023
2022
Number
Number
Total
1
1

Three of the four directors who were appointed by the company and held office during the period covered by these accounts were not paid remuneration during the period.

 

4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
187,580
215,361

Other debtors include £173,000 relating to income from a related company invoiced during the year.

5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
520
6,724
Taxation and social security
11,033
30,885
Other creditors
179,786
179,786
191,339
217,395

The ultimate parent company, being Heeton Holdings Limited, has agreed to provide continuing financial support to the company and guarantee those inter-company balances due from the company to other group companies. These balances are included in other creditors and amount to £172,979 at the year end.

HEETON MANAGEMENT (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
6
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Shaun Roberts
Statutory Auditor:
LB Group Limited (Colchester)
7
Directors' transactions

No guarantees have been given or received during the period.

8
Parent company

The immediate parent of the company is Heeton Capital Pte Limited, a company incorporated in Singapore.

 

The ultimate controlling parent of the company is Heeton Holdings Limited, a company incorporated in Singapore.

 

The smallest group into which Heeton Management (UK) Limited is consolidated is Heeton Holdings Limited.

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