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Registered number: 13000808
Halo Hearing Solutions Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Company Information 1
Balance Sheet 2—3
Notes to the Financial Statements 4—7
Page 1
Company Information
Directors Warren Dean
Julia Mead
Raymond Mead
Company Number 13000808
Registered Office 3 Lower Kings Road
Berkhamsted
Herts
HP4 2AE
Accountants HJP Chartered
Audley House
Northbridge Road
Berkhamsted
Herts
HP4 1EH
Page 1
Page 2
Balance Sheet
Registered number: 13000808
2024 2023
as restated
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 155,025 211,404
155,025 211,404
CURRENT ASSETS
Stocks 5 15,520 10,350
Debtors 6 54,932 29,324
Cash at bank and in hand 183,552 98,649
254,004 138,323
Creditors: Amounts Falling Due Within One Year 7 (216,702 ) (157,651 )
NET CURRENT ASSETS (LIABILITIES) 37,302 (19,328 )
TOTAL ASSETS LESS CURRENT LIABILITIES 192,327 192,076
Creditors: Amounts Falling Due After More Than One Year 8 (31,567 ) (41,693 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 9 (34,890 ) (38,625 )
NET ASSETS 125,870 111,758
CAPITAL AND RESERVES
Called up share capital 10 99 99
Profit and Loss Account 125,771 111,659
SHAREHOLDERS' FUNDS 125,870 111,758
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For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Julia Mead
Director
15 June 2024
The notes on pages 4 to 7 form part of these financial statements.
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Page 4
Notes to the Financial Statements
1. General Information
Halo Hearing Solutions Limited is a private company, limited by shares, incorporated in England & Wales, registered number 13000808 . The registered office is 3 Lower Kings Road, Berkhamsted, Herts, HP4 2AE.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
Presentation Currency
The accounts are presented in GBP. 
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 10% Reducing Balance
Leasehold 10% Reducing Balance
Plant & Machinery 25% Reducing Balance
Motor Vehicles 25% Reducing Balance
Fixtures & Fittings 25% Reducing Balance
Computer Equipment 25% Reducing Balance
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.7. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 11 (2023: 10)
11 10
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 April 2023 141,623 24,641 100,857 28,979
Additions 9,921 5,764 1 1,330
Disposals - - (100,858 ) -
As at 31 March 2024 151,544 30,405 - 30,309
Depreciation
As at 1 April 2023 18,776 10,725 52,004 10,280
Provided during the period 13,276 4,920 - 5,007
Disposals - - (52,004 ) -
As at 31 March 2024 32,052 15,645 - 15,287
Net Book Value
As at 31 March 2024 119,492 14,760 - 15,022
As at 1 April 2023 122,847 13,916 48,853 18,699
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Computer Equipment Total
£ £
Cost
As at 1 April 2023 9,452 305,552
Additions 579 17,595
Disposals - (100,858 )
As at 31 March 2024 10,031 222,289
Depreciation
As at 1 April 2023 2,363 94,148
Provided during the period 1,917 25,120
Disposals - (52,004 )
As at 31 March 2024 4,280 67,264
Net Book Value
As at 31 March 2024 5,751 155,025
As at 1 April 2023 7,089 211,404
5. Stocks
2024 2023
as restated
£ £
Finished goods 15,520 10,350
6. Debtors
2024 2023
as restated
£ £
Due within one year
Trade debtors 28,821 12,572
Other debtors 26,111 16,752
54,932 29,324
7. Creditors: Amounts Falling Due Within One Year
2024 2023
as restated
£ £
Trade creditors 39,664 60,131
Bank loans and overdrafts 10,615 10,615
Other creditors 22,802 54,633
Taxation and social security 143,621 32,272
216,702 157,651
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
as restated
£ £
Bank loans 31,567 41,693
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9. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
as restated
£ £
Other timing differences 34,890 38,625
10. Share Capital
2024 2023
as restated
£ £
Allotted, Called up and fully paid 99 99
11. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
as restated
£ £
Not later than one year 2,250 19,500
Later than one year and not later than five years 65,655 12,000
Later than five years 230,000 -
297,905 31,500
The debt of £17,692 to Starkey Laboratories Limited is secured by a debenture. It includes all fixed and floating charges over the undertaking and all property and assets present and future including all fixtures and fittings and plant and machinery.
12. Related Party Transactions
Included in creditors due under one year is £8,000 owed to Mead Hearing Solutions Limited. Mead Hearing Solutions Limited own 66.6% of the share capital of Halo Hearing Solutions Limited.
13. Ultimate Controlling Party
The company's ultimate controlling party is Mead Hearing Solutions Limited by virtue of its ownership of 66.6% of the issued share capital in the company.
14. Transition to FRS 102
Prior to applying FRS 102, Halo Hearing Solutions Limited did not make provision for accrued holiday pay. FRS 102 requires the cost of short-term compensated absences to be recognised when employees render the service that increases their entitlement. Consequently, an additional accrual of £2,104 at 31 March 2024 has been made to reflect this. 
As part of our transition from FRS 105 to FRS 102, we have evaluated the impact on our financial statement relating to deferred tax.
Under FRS 105, no provision was made for deferred tax. However, FRS 102 requires the recognition of deferred tax liabilities and assets, using the balance sheet liability method. This involves recognizing deferred tax on all temporary differences between the tax base and the carrying amount of assets and liabilities in the financial statements.
The effect of this change on our financial statements is as follows:
Recognition of Deferred Tax Liabilities: We have recognized deferred tax liabilities on taxable temporary differences arising from items such as accelerated capital allowances and other temporary differences.
Restatement of Comparative Period: We have restated the comparative period to reflect the recognition of deferred tax under FRS 102. The impact on equity as of the transition date has been adjusted accordingly.
The deferred tax as of 1 April 2022 was £21,788. The movement to 31 March 2023 was £16,837. The balance as of 31 March 2023 was £38,625, the movement in this year was £3,735. The balance as of 31 March 2024 was £34,890.
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