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Company No: 05247974 (England and Wales)

HALO MEDIA COMMUNICATIONS LIMITED

Unaudited Financial Statements
For the financial year ended 31 October 2023
Pages for filing with the registrar

HALO MEDIA COMMUNICATIONS LIMITED

Unaudited Financial Statements

For the financial year ended 31 October 2023

Contents

HALO MEDIA COMMUNICATIONS LIMITED

BALANCE SHEET

As at 31 October 2023
HALO MEDIA COMMUNICATIONS LIMITED

BALANCE SHEET (continued)

As at 31 October 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 38,658 39,074
38,658 39,074
Current assets
Debtors 4 500,975 643,650
Cash at bank and in hand 610,870 637,574
1,111,845 1,281,224
Creditors: amounts falling due within one year 5 ( 774,669) ( 1,081,800)
Net current assets 337,176 199,424
Total assets less current liabilities 375,834 238,498
Provision for liabilities ( 8,258) ( 6,288)
Net assets 367,576 232,210
Capital and reserves
Called-up share capital 2 2
Capital redemption reserve 2 2
Profit and loss account 367,572 232,206
Total shareholder's funds 367,576 232,210

For the financial year ending 31 October 2023 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 HALO MEDIA COMMUNICATIONS LIMITED (registered number: 05247974) were approved and authorised for issue by the Board of Directors on 17 April 2024. They were signed on its behalf by:

P D Edmonds
Director
HALO MEDIA COMMUNICATIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2023
HALO MEDIA COMMUNICATIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2023
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

Halo Media Communications 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 470 Bath Road, Bristol, BS4 3AP, England, 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 Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

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 except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value
added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 5 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. 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:

Leasehold improvements 25 % reducing balance
Fixtures and fittings 25 % reducing balance
Computer equipment 25 % reducing balance

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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 29 30

3. Tangible assets

Leasehold improve-
ments
Fixtures and fittings Computer equipment Total
£ £ £ £
Cost
At 01 November 2022 33,038 28,193 99,779 161,010
Additions 566 2,735 7,243 10,544
At 31 October 2023 33,604 30,928 107,022 171,554
Accumulated depreciation
At 01 November 2022 23,811 22,198 75,927 121,936
Charge for the financial year 2,368 1,631 6,961 10,960
At 31 October 2023 26,179 23,829 82,888 132,896
Net book value
At 31 October 2023 7,425 7,099 24,134 38,658
At 31 October 2022 9,227 5,995 23,852 39,074

4. Debtors

2023 2022
£ £
Trade debtors 436,415 623,319
Other debtors 64,560 20,331
500,975 643,650

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 41,900 61,334
Amounts owed to Group undertakings 350,254 577,329
Taxation and social security 195,115 200,432
Other creditors 187,400 242,705
774,669 1,081,800

Amounts owed to Group undertakings are repayable on demand and do not bear interest.

6. Related party transactions

Other related party transactions

The company is a wholly owned subsidiary of Louder than Love Limited, and as such has taken advantage of the exemption permitted by section 33 of 'FRS102 'Related Party Disclosures', not to provide disclosure of transactions entered into with other wholly owned members of the group.

7. Ultimate controlling party

Parent Company:

Louder than Love Limited
470 Bath Road, Bristol, England, BS4 3AP