Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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HELM GREAT BRITAIN LIMITED
CONTENTS
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HELM GREAT BRITAIN LIMITED
COMPANY INFORMATION
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HELM GREAT BRITAIN LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The director presents his strategic report for the year ended 31 December 2024.
The principal activity of the company during the year continued to be that of distributors of chemicals ("the chemicals division"). The company also acts as an intermediary on behalf of its parent undertaking, Helm A.G., for chemical sales ("the indent division").
The results for the year and the financial position at the year end are in line with the expectations of the director. Turnover has increased compared to turnover achieved in the prior year, mainly as a result of volume growth. The company has also returned to profitability.
Principal risks and uncertainties Foreign exchange risk The company buys a significant proportion of its purchases in foreign currencies and is exposed to exchange rate fluctuations. The company uses forward currency contracts to minimise the risk of exposure to exchange rate movements. Credit risk The company manages its credit risk by establishing credit limits for customers and, where possible, making arrangements for its trade debtors to be covered by credit insurance. Commodity price risk The company is exposed to movements in underlying commodity prices. The risk is mitigated by the fact that sales prices to the company’s customers, where possible, are linked to commodity price movements. The company also carefully manages its stock levels. Financial key performance indicators Profit and loss account The key performance indicators (KPIs) are reported turnover and gross profit. Chemicals division The division's turnover amounted to £83,062,955 (2023: £76,775,471), an increase of 8% when compared to the turnover generated in the prior year, due to an increase in sales volumes. The gross profit percentage has increased from 1.9% to 3.1% over the period, partly due to a change in the product portfolio mix but also reflecting underlying market conditions. Indent division Commissions receivable, reported in other operating income in these financial statements, amounted to £340,006 (2023: £567,924). 2024 saw a decrease in commissions receivable due to a decrease in trade between Helm subsidiaries.
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HELM GREAT BRITAIN LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Balance sheet
The KPIs are stock levels, debtor days and liquidity.
∙Stock levels are monitored by management on an on-going basis and fluctuate according to commodity prices, customer requirements and orders in place.
∙Trade debtor days for the year have decreased from 55 days in 2023 to 44 days in 2024, which is well within the company's established credit term period.
∙The company's activities during the year have been financed by group credit facilities. Cash flow requirements are continually monitored to ensure that the company has sufficient liquidity to meet the on-going requirements of the business.
Statement by the director on performance of his statutory duties in accordance with S172 (1) Companies Act 2006
Section 172 (1)(a) to (f) requires the director to act in the way he considers would be most likely to promote the success of the company for the benefit of its members, as a whole, with regard to the following matters: a) The likely consequences of any decision in the long-term The director believes that he has acted in the way he considers, in good faith, to promote the long-term success of the company. FY2025 financial budgets have been prepared in agreement with the company's member, Helm A.G., and the director will continue to operate the business within tight budgetary controls. b) The interests of the company's employees The director considers our people to be our greatest asset and the interests of our employees are always taken into consideration in the decisions that are made. An "open" environment is encouraged and the company aims to be a responsible employer in its approach to employee matters including pay and benefits, diversity and inclusion, and training, development and career opportunities. c) The need to foster the company's business relationships with suppliers, customers and others The director and management team work closely with suppliers to build long-term relationships. Our aim is to work with our suppliers in an environment that reflects the values and behaviours we would expect from our own people. We are very much focused on our customers and consistently strive to provide competitive pricing, quality products and excellent customer service. d) The impact of the company's operations on the community and environment The director is mindful of environmental issues and has sought to minimise the impact of the company's activities on the environment. The company is fully compliant with the REACH legislation which was fully implemented from December 2010 and has an internal environmental policy which includes measures to maximise recycling and ensures replacement company vehicles are low emission. e) The desirability of the company maintaining a reputation for high standards of business conduct The director's intention is to behave responsibly and ensure that management operate the business in a responsible manner, adhering to the high standards of business conduct and good governance expected and, in doing so, will contribute to the continued success of the company.
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HELM GREAT BRITAIN LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Statement by the director on performance of his statutory duties in accordance with S172 (1) Companies Act 2006 (continued)
f) The need to act fairly as between members of the company The company has one member, Helm A.G., and the director has regular and open dialogue with its representatives. The company has a track record of declaring dividends to ensure a suitable return on investment.
This report was approved and signed by the sole director.
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HELM GREAT BRITAIN LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The director presents his report and the financial statements for the year ended 31 December 2024.
The profit for the year, after taxation, amounted to £483,690 (2023 - loss £1,309,029).
The director has not recommended a dividend.
The director who served during the year was:
The company's greenhouse gas emissions and energy consumption are as follows:
2024 Total energy consumption (kWh) 59,116 Comparison to previous financial year: Total energy consumption in the prior year amounted to 63,396 kWh. Scope 1 emissions For the year ended 31 December 2024, the company had nil emissions from the direct combustion of gas (2023: nil) and had 19.08 tCO2e (2023: 25.00) of emissions from combustion of fuel for the purposes of transport (scope 1). Scope 2 emissions For the year ended 31 December 2024, the company had 6.63 tCO2e of emissions from purchased electricity (2023: 6.00). Scope 3 emissions For the year ended 31 December 2024, the company had 0.33 tCO2e (2023: 1.00) of emissions from business travel in rental cars or employee-owned vehicles where the company is responsible for purchasing the fuel.
Methodology
The boundaries of this report are based on operational control. We report our emissions with reference to the latest Greenhouse Gas Protocol Corporate Accounting and Reporting Standard (GHG Protocol). In accordance with the 2018 Regulations, the energy use and associated greenhouse gas emissions are for those within the UK only that come under the operational control boundary. The 2021 UK Government GHG Conversion Factors for Company Reporting published by the UK Department for Environment Food & Rural Affairs (DEFRA) are used to convert energy use in our operations to emissions of CO2e. Carbon emission factors for purchased electricity calculated according to the ‘location-based grid average’ method. This reflects the average emission of the grid where the energy consumption occurs. Data sources include billing, invoices and the organisations internal systems. Due to difficulty accessing the accurate consumption data based on meter readings, electricity consumption has been estimated from the costs charged based on the UK government's published average electricity prices for the non-domestic sector. For transport data where actual usage data (e.g. litres) was unavailable, conversions were made using the average fuel consumption factors.
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HELM GREAT BRITAIN LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Intensity ratio
We measure our annual emissions in relation to total turnover (our 'intensity ratio'). As a revenue-based business, total turnover is a quantifiable factor associated with our activities. For the year ended 31 December 2024, the tonne per £m of revenue was 0.31 tCO2e (2023: 0.42). Primary energy efficiency measures implemented The director is mindful of environmental issues and takes all reasonable steps to ensure that the emissions from the company's rented business space is minimised. The company has shifted to working from home 2 days a week which saves on office energy and travel. Lighting in the Helm office has been replaced with more energy efficient alternatives. Additionally, laptops and monitors have been replaced with newer and more energy efficient ones.
As permitted by S414c(11) of the Companies Act 2006, the direct has elected to disclose information, required to be in the director's report by Schedule 7 of the 'Large and Medium Sized Companies and Groups (Accounts and Reports) Regulations 2008', in the strategic report.
This report was approved and signed by the sole director.
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HELM GREAT BRITAIN LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
The director is responsible for preparing the strategic report, the director's report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standard and applicable law,) including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.
In preparing these financial statements, the director is required to:
∙select suitable accounting policies and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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HELM GREAT BRITAIN LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HELM GREAT BRITAIN LIMITED
FOR THE YEAR ENDED 31 DECEMBER 2024
We have audited the financial statements of Helm Great Britain Limited (the 'company') for the year ended 31 December 2024, which comprise the profit and loss account, the balance sheet, the statement of changes in equity and the notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
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HELM GREAT BRITAIN LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HELM GREAT BRITAIN LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the strategic report and the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the strategic report and the director's report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's report.
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HELM GREAT BRITAIN LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HELM GREAT BRITAIN LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
∙the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
∙we identified the laws and regulations applicable to the company through discussions with the director and other management, and from our commercial knowledge and experience of the company's sector;
∙we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and employment, environmental (including the REACH legislation) and health and safety legislation;
∙we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
∙identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
∙making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
∙considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
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HELM GREAT BRITAIN LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HELM GREAT BRITAIN LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Auditor's responsibilities for the audit of the financial statements (continued)
To address the risk of fraud through management bias and override of controls, we:
∙performed analytical procedures to identify any unusual or unexpected relationships;
∙tested journal entries to identify unusual transactions; and
∙investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
∙agreeing financial statement disclosures to underlying supporting documentation; and
∙reading the minutes of meetings of those charged with governance;
∙enquiring of management as to actual and potential litigation and claims.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if
any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditor
16 Great Queen Street
Covent Garden
WC2B 5AH
Date:
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HELM GREAT BRITAIN LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
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HELM GREAT BRITAIN LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2024
The financial statements were approved, authorised for issue and signed by the sole director.
The notes on pages 15 to 28 form part of these financial statements.
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HELM GREAT BRITAIN LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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HELM GREAT BRITAIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Helm Great Britain Limited acts as a distributor of chemicals and an intermediary for chemical sales.
The company is a private company limited by shares and incorporated in England and Wales. The address of its registered office is 16 Great Queen Street, London, WC2B 5AH and its principal place of business is The Harlequin Building, 65 Southwark Street, London, SE1 0HR. 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
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland ('FRS 102') and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. The director does not consider that any critical accounting estimates apply to the company. The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102:
∙Section 3 Financial Statement Presentation paragraph 3.17(d) (inclusion of statement of cash
flows);
∙Section 7 Statement of Cash Flows (inclusion of statement of cash flows);
∙Section 11 Financial Instruments paragraphs 11.41(b), 11.41(c), 11.41(e), 11.41(f), 11.42, 11.44,
11.45, 11.47, 11.48(a)(iv), 11.48(b) and 11.48(c) (disclosures relating to financial instruments);
∙Section 33 Related Party Disclosures paragraph 33.7 (disclosures of key management personnel
compensation).
The company is included in the consolidated financial statements of Helm AG for the year ended 31
December 2024 and these financial statements may be obtained from www.bundesanzeiger.de.
The following principal accounting policies have been applied:
After making enquiries, the director has 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, he continues to adopt the going concern basis in preparing the financial statements.
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HELM GREAT BRITAIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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:
Sale of goods
∙the company has transferred the significant risks and rewards of ownership to the buyer;
∙the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙the amount of revenue can be measured reliably;
∙it is probable that the company will receive the consideration due under the transaction;
∙the costs incurred or to be incurred in respect of the transactions can be measured reliably.
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.
Depreciation is provided on the following basis:
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 disposal are determined by comparing the proceeds with the carrying amount and are recognised in the profit and loss account.
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HELM GREAT BRITAIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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, cash and bank balances and intercompany working capital 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 trade and other creditors and intercompany working capital balances, 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.
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HELM GREAT BRITAIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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.
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.
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Ordinary shares are classified as equity.
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HELM GREAT BRITAIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
Interest income and expenses are recognised in the profit and loss account using the effective interest method.
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HELM GREAT BRITAIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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 the profit and loss account 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.
The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account.
Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income. Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These 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 balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
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HELM GREAT BRITAIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Analysis of turnover by country of destination:
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HELM GREAT BRITAIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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HELM GREAT BRITAIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The highest paid director received remuneration of £354,200 (2023: £358,615). The value of the company's contribution paid to a defined contribution pension scheme in respect of the highest paid director amounted to £14,056 (2023: £10,220). During the year retirement benefits were accruing to 1 director (2023: 1).
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HELM GREAT BRITAIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
11.Taxation (continued)
There were no factors that may affect future tax charges.
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HELM GREAT BRITAIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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HELM GREAT BRITAIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Amounts owed to group undertakings are interest free, have no fixed repayment date and are repayable on demand.
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HELM GREAT BRITAIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Profit and loss account
21.Other financial commitments
The company enters into forward foreign currency contracts to mitigate the exchange rate risk for certain foreign currency payables and receivables. At 31 December 2024, the company is committed to sell £3,500,000 and €3,679,349. The company is also committed to buy €7,469,627. The outstanding contracts all mature within 3 months of the year end.
The foreign currency contracts are measured at fair value and the fair value at the year end is a financial liability of £87,268. There were no forward contracts outstanding at 31 December 2023.
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HELM GREAT BRITAIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The parent undertaking of the smallest group of undertakings for which group financial statements are drawn up and of which the company is a member is Helm A.G., whose registered office is Nordkanalstrasse 28, D-20097 Hamburg, Germany. Copies of these group financial statements are available to the public from www.bundesanzieger.de.
The immediate controlling party, in this and the preceding period, is Helm A.G. The director regards Mr D Schnabel as being the ultimate controlling party.
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