Company No:
Contents
| 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 |
| Note | 2024 | 2023 | ||
| £ | £ | |||
| Fixed assets | ||||
| Tangible assets | 3 |
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| 0 | 288 | |||
| Current assets | ||||
| Stocks | 4 |
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| Debtors | 5 |
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| Cash at bank and in hand | 6 |
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| 225,033,260 | 209,415,924 | |||
| Creditors: amounts falling due within one year | 7 | (
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| Net current liabilities | (2,559,486) | (2,207,382) | ||
| Total assets less current liabilities | (2,559,486) | (2,207,094) | ||
| Net liabilities | (
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| Capital and reserves | ||||
| Called-up share capital | 8 |
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| Profit and loss account | (
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| Total shareholder's deficit | (
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Directors' responsibilities:
The financial statements of Helium Miracle 151 Limited (registered number:
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Mohamad Korah-Jouli
Director |
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.
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.
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.
Exchange differences are recognised in the Profit and Loss Account in the period in which they arise on monetary items.
| Office equipment |
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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.
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.
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 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.
| 2024 | 2023 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including directors |
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| Office equipment | Total | ||
| £ | £ | ||
| Cost | |||
| At 01 February 2023 |
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| At 31 January 2024 |
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| Accumulated depreciation | |||
| At 01 February 2023 |
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| Charge for the financial year |
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| At 31 January 2024 |
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| Net book value | |||
| At 31 January 2024 |
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| At 31 January 2023 |
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| 2024 | 2023 | ||
| £ | £ | ||
| Stocks |
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| 2024 | 2023 | ||
| £ | £ | ||
| Other debtors |
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| 2024 | 2023 | ||
| £ | £ | ||
| Cash at bank and in hand |
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| 2024 | 2023 | ||
| £ | £ | ||
| Trade creditors |
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| Accruals |
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| Other taxation and social security |
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| Other creditors |
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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).
| 2024 | 2023 | ||
| £ | £ | ||
| Allotted, called-up and not yet paid | |||
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Parent Company:
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| British Virgin Islands |