Company Registration No. 10876030 (England and Wales)
Hello Halo Kids Limited
Unaudited financial statements
for the Period ended 31 December 2023
Pages for filing with the registrar
Hello Halo Kids Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
Hello Halo Kids Limited
Statement of financial position
As at 31 December 2023
1
31 December
31 March
2023
2023
Notes
£
£
£
£
Current assets
Debtors
5
761,258
759,348
Cash at bank and in hand
41,397
7,051
802,655
766,399
Creditors: amounts falling due within one year
6
(802,654)
(766,398)
Net current assets
1
1
Capital and reserves
Called up share capital
7
1
1

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial Period ended 31 December 2023 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 member has not required the company to obtain an audit of its financial statements for the Period 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 28 August 2024 and are signed on its behalf by:
Stuart Mullin
Director
Company Registration No. 10876030
Hello Halo Kids Limited
Notes to the financial statements
For the period ended 31 December 2023
2
1
Accounting policies
Company information
Hello Halo Kids Limited is a private company limited by shares incorporated in England and Wales. The registered office is 71 Queen Victoria street, London, EC4V 4BE.
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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover comprises amounts receivable for work carried out on productions and is recognised on a straight line basis spread equally over the life of production.

1.4
Borrowing costs

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

1.5
Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Hello Halo Kids Limited
Notes to the financial statements (continued)
For the period ended 31 December 2023
1
Accounting policies (continued)
3
Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
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.

1.8
Taxation

The tax credit represents the sum of the tax currently recoverable and deferred tax.

Current tax

The tax currently recoverable is based on relievable losses arising in the period as the result of Children's Television tax relief legislation. Relievable losses differ from net losses as reported in the statement of comprehensive income because they include an additional deduction relating to qualifying television development expenditure and exclude items of income or expense that are taxable or deductible in other periods, as well as items that are never taxable or deductible. The company's tax position is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Hello Halo Kids Limited
Notes to the financial statements (continued)
For the period ended 31 December 2023
1
Accounting policies (continued)
4
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

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
Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Tax credit estimate

The key accounting estimate within the financial statements for this Company is the valuation of the Children's TV tax credit available. The estimate is based on the assessment of the value of qualifying expenditure as per HMRC legislations and guidance plus assessment of the qualification of the underlying production as eligible for the tax relief.

 

In the directors opinion, there were no other critical judgements or other estimation uncertainties in these financial statements.

3
Employees

The average monthly number of persons employed by the company, excluding directors, during the Period was 0 (March 2023: 0).

Hello Halo Kids Limited
Notes to the financial statements (continued)
For the period ended 31 December 2023
5
4
Taxation
31 December
31 March
2023
2023
£
£
Current tax
UK corporation tax on profits for the current period
(648,886)
(285,724)

The actual credit for the Period can be reconciled to the expected credit for the Period based on the profit or loss and the standard rate of tax as follows:

31 December
31 March
2023
2023
£
£
Loss before taxation
(648,886)
(285,724)
Expected tax credit based on the standard rate of corporation tax in the UK of 23.52% (2023: 19%)
(152,618)
(54,288)
Enhanced losses arising from the film tax credit
(597,958)
(505,402)
Difference between the rate of corporation tax and the rate of relief under the television tax credit
(38,414)
(160,068)
Losses carried forward
140,104
52,809
Timing differences associated with the television tax credit
-
0
381,225
Taxation credit for the period
(648,886)
(285,724)
5
Debtors
31 December
31 March
2023
2023
Amounts falling due within one year:
£
£
Corporation tax recoverable
701,145
719,208
Amounts owed by group undertakings
1
1
Other debtors
60,112
40,139
761,258
759,348
Hello Halo Kids Limited
Notes to the financial statements (continued)
For the period ended 31 December 2023
6
6
Creditors: amounts falling due within one year
31 December
31 March
2023
2023
£
£
Trade creditors
4,457
-
0
Amounts owed to group undertakings
629,643
704,746
Other creditors
168,554
61,652
802,654
766,398
7
Called up share capital
31 December
31 March
31 December
31 March
2023
2023
2023
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
1 Ordinary share of £1 each
1
1
1
1
8
Reporting period

The company's period of accounts is for the 9 months from 1 April 2023 to 31 December 2023, therefore the previous period results may not be comparable. The period of account was shortened in order for the company to align with the company's production schedule.

9
Related party transactions

The company has taken advantage of the exemption available in accordance with paragraph 33.1a of FRS 102 not to disclose transactions entered into between two or more members of a group.

10
Parent company

The immediate parent company is Hello Halo Productions Limited. Its registered address is 71 Queen Victoria Street, London, EC4V 4BE.

 

By virtue of her majority shareholding in Hello Halo Productions Limited, Wendy Rattray is considered to be the ultimate controlling party.

11
Charges

Coutts & Co hold six fixed charges over the Company's assets. Five of these charges were satisfied as at the period end of 31 March 2023 however an additional charge has been added during the period and remains outstanding as at the period end of 31 December 2023.

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