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COMPANY REGISTRATION NUMBER: 07618019
HALO ENERGY LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 March 2023
HALO ENERGY LTD
STATEMENT OF FINANCIAL POSITION
31 March 2023
2023
2022
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
22,740
5,665
CURRENT ASSETS
Stocks
49,026
40,710
Debtors
6
305,408
43,487
Cash at bank and in hand
308,323
192,262
---------
---------
662,757
276,459
CREDITORS: amounts falling due within one year
7
463,959
274,711
---------
---------
NET CURRENT ASSETS
198,798
1,748
---------
-------
TOTAL ASSETS LESS CURRENT LIABILITIES
221,538
7,413
---------
-------
NET ASSETS
221,538
7,413
---------
-------
CAPITAL AND RESERVES
Called up share capital fully paid
100
100
Profit and loss account
221,438
7,313
---------
-------
SHAREHOLDERS FUNDS
221,538
7,413
---------
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
HALO ENERGY LTD
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 17 November 2023 , and are signed on behalf of the board by:
Mr S C Watkinson Mr M B Halton
Director Director
Company registration number: 07618019
HALO ENERGY LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2023
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Headlands House, 1 Kings Court, Kettering Parkway, Kettering, NN15 6WJ.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor Vehicles
-
25% reducing balance
Office Equipment
-
33 1/3% Straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 4 (2022: 4 ).
5. TANGIBLE ASSETS
Motor vehicles
Office Equipment
Total
£
£
£
Cost
At 1 April 2022
10,245
7,618
17,863
Additions
27,446
466
27,912
Disposals
( 10,245)
( 10,245)
--------
-------
--------
At 31 March 2023
27,446
8,084
35,530
--------
-------
--------
Depreciation
At 1 April 2022
7,669
4,529
12,198
Charge for the year
6,862
1,399
8,261
Disposals
( 7,669)
( 7,669)
--------
-------
--------
At 31 March 2023
6,862
5,928
12,790
--------
-------
--------
Carrying amount
At 31 March 2023
20,584
2,156
22,740
--------
-------
--------
At 31 March 2022
2,576
3,089
5,665
--------
-------
--------
6. DEBTORS
2023
2022
£
£
Trade debtors
297,734
35,611
Other debtors
7,674
7,876
---------
--------
305,408
43,487
---------
--------
7. CREDITORS: amounts falling due within one year
2023
2022
£
£
Trade creditors
327,995
230,495
Corporation tax
128,543
40,015
Social security and other taxes
3,708
441
Other creditors
3,713
3,760
---------
---------
463,959
274,711
---------
---------