Helo Productions UK Limited
Unaudited Financial Statements
For the year ended 31 December 2022
Pages for Filing with Registrar
Company Registration No. 10119765 (England and Wales)
Helo Productions UK Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 5
Helo Productions UK Limited
Balance Sheet
As at 31 December 2022
Page 1
2022
2021
Notes
£
£
£
£
Current assets
Debtors
3
72,667
19,711
Cash at bank and in hand
34,775
32,593
107,442
52,304
Creditors: amounts falling due within one year
4
(310,546)
(109,576)
Net current liabilities
(203,104)
(57,272)
Creditors: amounts falling due after more than one year
5
(35,506)
(40,494)
Net liabilities
(238,610)
(97,766)
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
(238,710)
(97,866)
Total equity
(238,610)
(97,766)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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 5 October 2023 and are signed on its behalf by:
B Kiernan
Director
Company Registration No. 10119765
Helo Productions UK Limited
Notes to the Financial Statements
For the year ended 31 December 2022
Page 2
1
Accounting policies
Company information

Helo Productions UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor, Charlotte Building, 17 Gresse Street, London, W1T 1QL.

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 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, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

The company has made a trueloss for the year of £140,844 (2021: £47,223 profit) and at the balance sheet date has net liabilities of £238,610 (2021: £97,766 net liabilities). The company continues to be supported by its director and is able to meet its liabilities as they fall due. The director has therefore deemed it appropriate for the financial statements to be prepared on the going concern basis.

1.3
Turnover

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 VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

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.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
Cash at bank and in hand

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 only has basic financial instruments, measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.

Helo Productions UK Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2022
1
Accounting policies
(Continued)
Page 3
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
Taxation

The tax expense represents the sum of the tax currently payable.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.8
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.

1.9
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2022
2021
Number
Number
Total
2
3
Helo Productions UK Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2022
Page 4
3
Debtors
2022
2021
Amounts falling due within one year:
£
£
Other debtors
10,385
8,886
Prepayments and accrued income
10,000
10,825
20,385
19,711
Deferred tax asset
52,282
-
0
72,667
19,711
4
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
9,629
9,506
Trade creditors
29,899
18,662
Other creditors
268,018
78,408
Accruals and deferred income
3,000
3,000
310,546
109,576
5
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
35,506
40,494
6
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
100
100
100
100
Helo Productions UK Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2022
Page 5
7
Related party transactions

The company is considered to be under the control of its directors.

 

At the balance sheet date, the company owed a balance of £268,018 (2021: £77,232) to Helo LLC, a USA registered entity under common ownership.

 

During the year, purchases of £120,000 (2021: £109,800) were made from Sect Limited, a UK registered entity under common ownership. At the balance sheet date no amounts were outstanding.

 

 

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