Silverfin false false 31/01/2024 01/02/2023 31/01/2024 Alaa Mhd Reslan Alkhaiat 14/08/2017 Mohamad Korah-Jouli 28/01/2015 23 May 2025 no description of principal activity 09381429 2024-01-31 09381429 bus:Director1 2024-01-31 09381429 bus:Director2 2024-01-31 09381429 2023-01-31 09381429 core:CurrentFinancialInstruments 2024-01-31 09381429 core:CurrentFinancialInstruments 2023-01-31 09381429 core:ShareCapital 2024-01-31 09381429 core:ShareCapital 2023-01-31 09381429 core:RetainedEarningsAccumulatedLosses 2024-01-31 09381429 core:RetainedEarningsAccumulatedLosses 2023-01-31 09381429 core:OfficeEquipment 2023-01-31 09381429 core:OfficeEquipment 2024-01-31 09381429 bus:OrdinaryShareClass1 2024-01-31 09381429 2023-02-01 2024-01-31 09381429 bus:FilletedAccounts 2023-02-01 2024-01-31 09381429 bus:SmallEntities 2023-02-01 2024-01-31 09381429 bus:AuditExempt-NoAccountantsReport 2023-02-01 2024-01-31 09381429 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 09381429 bus:Director1 2023-02-01 2024-01-31 09381429 bus:Director2 2023-02-01 2024-01-31 09381429 core:OfficeEquipment core:TopRangeValue 2023-02-01 2024-01-31 09381429 2022-02-01 2023-01-31 09381429 core:OfficeEquipment 2023-02-01 2024-01-31 09381429 core:CurrentFinancialInstruments 2023-02-01 2024-01-31 09381429 bus:OrdinaryShareClass1 2023-02-01 2024-01-31 09381429 bus:OrdinaryShareClass1 2022-02-01 2023-01-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 09381429 (England and Wales)

HELIUM MIRACLE 151 LIMITED

Unaudited Financial Statements
For the financial year ended 31 January 2024
Pages for filing with the registrar

HELIUM MIRACLE 151 LIMITED

Unaudited Financial Statements

For the financial year ended 31 January 2024

Contents

HELIUM MIRACLE 151 LIMITED

COMPANY INFORMATION

For the financial year ended 31 January 2024
HELIUM MIRACLE 151 LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 January 2024
DIRECTORS Alaa Mhd Reslan Alkhaiat
Mohamad Korah-Jouli
REGISTERED OFFICE 45 Gresham Street
London
EC2V 7BG
United Kingdom
COMPANY NUMBER 09381429 (England and Wales)
ACCOUNTANT S&W Partners LLP
45 Gresham Street
London
EC2V 7BG
HELIUM MIRACLE 151 LIMITED

BALANCE SHEET

As at 31 January 2024
HELIUM MIRACLE 151 LIMITED

BALANCE SHEET (continued)

As at 31 January 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 0 288
0 288
Current assets
Stocks 4 224,689,278 209,370,195
Debtors 5 341,161 41,499
Cash at bank and in hand 6 2,821 4,230
225,033,260 209,415,924
Creditors: amounts falling due within one year 7 ( 227,592,746) ( 211,623,306)
Net current liabilities (2,559,486) (2,207,382)
Total assets less current liabilities (2,559,486) (2,207,094)
Net liabilities ( 2,559,486) ( 2,207,094)
Capital and reserves
Called-up share capital 8 1 1
Profit and loss account ( 2,559,487 ) ( 2,207,095 )
Total shareholder's deficit ( 2,559,486) ( 2,207,094)

For the financial year ending 31 January 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Helium Miracle 151 Limited (registered number: 09381429) were approved and authorised for issue by the Board of Directors on 23 May 2025. They were signed on its behalf by:

Mohamad Korah-Jouli
Director
HELIUM MIRACLE 151 LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
HELIUM MIRACLE 151 LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Helium Miracle 151 Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 45 Gresham Street, London, EC2V 7BG, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The functional currency of Helium Miracle 151 Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

These financial statements are separate financial statements.

Going concern

The financial statements have been prepared on a going concern basis.

The company recorded a loss for the year and has net current liabilities of £2,545,486 (2023: £2,207,382).

The parent company UDC Holdings Limited has added its support to ensure the company is a going concern.

For this reason, in making this statement, the directors continue to adopt the going concern basis for the preparation of the Financial Statements. Accordingly, these financial statements do not include any adjustments to the carrying amount or classification of assets and liabilities that would result if the company was unable to continue as a going concern.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise on monetary items.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Office equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a 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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.
Financial liabilities are derecognised when the Company’s contractual obligations expire or are discharged or cancelled.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 1 1

3. Tangible assets

Office equipment Total
£ £
Cost
At 01 February 2023 6,216 6,216
At 31 January 2024 6,216 6,216
Accumulated depreciation
At 01 February 2023 5,928 5,928
Charge for the financial year 288 288
At 31 January 2024 6,216 6,216
Net book value
At 31 January 2024 0 0
At 31 January 2023 288 288

4. Stocks

2024 2023
£ £
Stocks 224,689,278 209,370,195

Interest on loan balances during the course of the construction period is also capitalised to stock, which is calculated on a rate of 4.6% basis points above SONIA. For the year ended 31 January 2024 £15,228,131 (2023: £10,327,464) of interest was capitalised. The total amount of interest capitalised within stock was £65,417,896 (2023: £50,189,765)

5. Debtors

2024 2023
£ £
Other debtors 341,161 41,499

6. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 2,821 4,230

7. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 105,155 2,670
Accruals 25,912,450 25,823,802
Other taxation and social security 5,083 3,008
Other creditors 201,570,058 185,793,826
227,592,746 211,623,306

The Company entered in to a loan agreement with Urbacon Trading & Contracting WLL ("UTC") on 3 February 2015 to borrow circa £76m for acquisition of the property. Further the Company entered in to another loan agreement with UTC on 1 September 2015 to borrow additional sums of £37m to be used for development of property.

Interest was accrued on the loan during the year at the rate of 4.6% per annum above Libor (2023: 4.6%).

Interest has been capitalised and added to the principal amount of the loan. Interest so capitalised shall itself accrue interest in subsequent interest periods.

On 9 September 2020 the loan agreements were amended, effective from 21 October 2019, to increase the facility by £39m and amend the repayments date to the earlier of 31 December 2022 and the date on which all or part of the property is sold.

The loan is included within other creditors at a carrying amount of £201,570,058, (2023: £185,793,826). The total of loan drawn is £136,141,673 (2023: £135,641,698) and the total interest owed is £65,417,896 (2023: £50,189,765).

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and not yet paid
1 Ordinary share of £ 1.00 1 1

9. Ultimate controlling party

Parent Company:

UDC Holdings Limited
British Virgin Islands