Helix Loans Limited
Registered number: 14962336
Balance Sheet
as at 30 June 2024
Notes 2024
£
Current assets
Debtors falling due after more than one year 3 541,541
Debtors falling due within one year 3 444,678
Cash at bank and in hand 466,763
1,452,982
Creditors: amounts falling due within one year 4 (1,450,301)
Net current assets 2,681
Total assets less current liabilities 2,681
Net assets 2,681
Capital and reserves
Called up share capital 1
Profit and loss account 2,680
Shareholder's funds 2,681
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
A Bloom
Director
Approved by the board on 13 March 2025
Helix Loans Limited
Notes to the Accounts
for the period from 26 June 2023 to 30 June 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover represents interest receivable and fees receivable on term loans secured by legal charges over land and buildings made in the ordinary course of business. Turnover is recognised in the statement of income for all amounts receivable from customers and is measured at amortised costs using the effective interest method. The effective interest rate is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial asset or financial liability to the gross carrying amount of the financial asset or to the amortised cost of the financial liability. The effective interest rate is applied to the gross carrying amount of non-credit impaired customer receivables, the interest income is calculated by applying the effective interest rate to the amortised cost of the receivable.
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.
Trade Debtors
Trade debtors are amounts due from customers for loans made in the ordinary course of business. Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Classification of financial liabilities
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.
Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised at the transaction price and subsequently measured at amoritsed costs using the effective interest method.
Short term other creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Going concern
In accordance with their responsibilities as directors, the directors have considered the appropriateness of the going concern basis for the preparation of the financial statements. The financial statements have been prepared on the going concern basis as the directors have expressed a willingness to provide the necessary financial support so that the company has adequate resources to continue in operational existence for a period of at least 12 months from
the dates of approval of the financial statements.
2 Employees 2024
Number
Average number of persons employed by the company 3
3 Debtors 2024
£
Amounts falling due within one year:
Loans and advances to customers 541,541
541,541
Amounts falling due after more than one year:
Loans and advances to customers 444,678
4 Creditors: amounts falling due within one year 2024
£
Trade creditors 1,244
Taxation and social security costs 1,324
Other creditors 1,447,733
1,450,301
5 Related party transactions
Included in other creditors are amounts due to Spring Finance Limited of £1,446,294. Included in cost of sales is interest payable to Spring Finance Limited of £53,564 and amounts payable under a servicing agreement with Spring Finance Limited of £318,796. Staff costs of £82,000 were recharged by Spring Finance Limited to Helix Loans Limited. A Bloom and M Chesler are directors of Spring Finance Limited.
6 Other information
Helix Loans Limited is a private company limited by shares and incorporated in England. Its registered office is:
3 Theobald Court
Theobald Street
Borehamwood
WD6 4RN
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