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Company registration number: 11806111
Halo I.S Limited
Unaudited filleted financial statements
31 March 2024
Halo I.S Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Halo I.S Limited
Directors and other information
Directors Mr D Teggin
Mr M Batsurin
Company number 11806111
Registered office Unit 3
The Courtyard
Leeds
LS10 2JA
Business address Unit 3
The Courtyard
Leeds
LS10 2JA
Accountants The Barker Partnership
24 High Street
Pateley Bridge
Harrogate
HG3 5JU
Halo I.S Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Halo I.S Limited
Year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Halo I.S Limited for the year ended 31 March 2024 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Halo I.S Limited, as a body, in accordance with the terms of our engagement letter dated 11 June 2019. Our work has been undertaken solely to prepare for your approval the financial statements of Halo I.S Limited and state those matters that we have agreed to state to the board of directors of Halo I.S Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Halo I.S Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Halo I.S Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Halo I.S Limited. You consider that Halo I.S Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Halo I.S Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
The Barker Partnership
Chartered Accountants
24 High Street
Pateley Bridge
Harrogate
HG3 5JU
31 July 2024
Halo I.S Limited
Statement of financial position
31 March 2024
2024 2023 - Restated
Note £ £ £ £
Fixed assets
Tangible assets 7 19,322 6,806
_______ _______
19,322 6,806
Current assets
Debtors 8 106,507 84,531
Cash at bank and in hand 80,848 23,058
_______ _______
187,355 107,589
Creditors: amounts falling due
within one year 9 ( 145,590) ( 94,758)
_______ _______
Net current assets 41,765 12,831
_______ _______
Total assets less current liabilities 61,087 19,637
Creditors: amounts falling due
after more than one year 10 ( 5,833) ( 10,833)
Provisions for liabilities ( 4,728) ( 1,293)
_______ _______
Net assets 50,526 7,511
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 50,426 7,411
_______ _______
Shareholders funds 50,526 7,511
_______ _______
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.
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.
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 income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 31 July 2024 , and are signed on behalf of the board by:
Mr D Teggin
Director
Company registration number: 11806111
Halo I.S Limited
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Unit 3, The Courtyard, Leeds, LS10 2JA.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 April 2022. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 11.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Tangible assets
tangible assets are initially recorded at cost, and are 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Plant and machinery - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Other operating income
2024 2023
£ £
Commission receivable - 1,575
_______ _______
5. Operating profit
Operating profit is stated after charging/(crediting):
2024 2023
£ £
Depreciation of tangible assets 6,614 2,788
_______ _______
6. Employee numbers
The average number of persons employed by the company during the year amounted to 13 (2023: 8 ).
7. Tangible assets
Plant and machinery Total
£ £
Cost
At 1 April 2023 13,942 13,942
Additions 19,130 19,130
_______ _______
At 31 March 2024 33,072 33,072
_______ _______
Depreciation
At 1 April 2023 7,136 7,136
Charge for the year 6,614 6,614
_______ _______
At 31 March 2024 13,750 13,750
_______ _______
Carrying amount
At 31 March 2024 19,322 19,322
_______ _______
At 31 March 2023 6,806 6,806
_______ _______
8. Debtors
2024 2023
£ £
Trade debtors 103,693 82,283
Other debtors 2,814 2,248
_______ _______
106,507 84,531
_______ _______
9. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 5,000 5,000
Trade creditors 44,612 30,849
Corporation tax 45,188 17,123
Social security and other taxes 43,507 29,956
Other creditors 7,283 11,830
_______ _______
145,590 94,758
_______ _______
10. Creditors: amounts falling due after more than one year
2024 2023
£ £
Other creditors 5,833 10,833
_______ _______
11. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 April 2022.
Reconciliation of equity
Comparitives have been restated to include deferred tax charges.
Reconciliation of profit or loss for the year
Comparitives have been restated to include deferred tax charges.
Due to the increase in the Company's turnover and balance sheet values, the company is transitioning from preparing accounts under FRS105 to FRS 102. The effective date for this is the 1st of April 2022.