Caseware UK (AP4) 2023.0.135 2023.0.135 2024-05-312024-05-3148true2023-06-01false47trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 05467304 2023-06-01 2024-05-31 05467304 2022-06-01 2023-05-31 05467304 2024-05-31 05467304 2023-05-31 05467304 c:Director1 2023-06-01 2024-05-31 05467304 d:Buildings d:LongLeaseholdAssets 2023-06-01 2024-05-31 05467304 d:Buildings d:LongLeaseholdAssets 2024-05-31 05467304 d:Buildings d:LongLeaseholdAssets 2023-05-31 05467304 d:MotorVehicles 2023-06-01 2024-05-31 05467304 d:MotorVehicles 2024-05-31 05467304 d:MotorVehicles 2023-05-31 05467304 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 05467304 d:OfficeEquipment 2023-06-01 2024-05-31 05467304 d:OfficeEquipment 2024-05-31 05467304 d:OfficeEquipment 2023-05-31 05467304 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 05467304 d:ComputerEquipment 2023-06-01 2024-05-31 05467304 d:ComputerEquipment 2024-05-31 05467304 d:ComputerEquipment 2023-05-31 05467304 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 05467304 d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 05467304 d:FreeholdInvestmentProperty 2024-05-31 05467304 d:FreeholdInvestmentProperty 2023-05-31 05467304 d:CurrentFinancialInstruments 2024-05-31 05467304 d:CurrentFinancialInstruments 2023-05-31 05467304 d:Non-currentFinancialInstruments 2024-05-31 05467304 d:Non-currentFinancialInstruments 2023-05-31 05467304 d:CurrentFinancialInstruments d:WithinOneYear 2024-05-31 05467304 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 05467304 d:Non-currentFinancialInstruments d:AfterOneYear 2024-05-31 05467304 d:Non-currentFinancialInstruments d:AfterOneYear 2023-05-31 05467304 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-05-31 05467304 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-05-31 05467304 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-05-31 05467304 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-05-31 05467304 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2024-05-31 05467304 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-05-31 05467304 d:UKTax 2023-06-01 2024-05-31 05467304 d:UKTax 2022-06-01 2023-05-31 05467304 d:ShareCapital 2024-05-31 05467304 d:ShareCapital 2023-05-31 05467304 d:CapitalRedemptionReserve 2024-05-31 05467304 d:CapitalRedemptionReserve 2023-05-31 05467304 d:RetainedEarningsAccumulatedLosses 2024-05-31 05467304 d:RetainedEarningsAccumulatedLosses 2023-05-31 05467304 c:OrdinaryShareClass1 2023-06-01 2024-05-31 05467304 c:OrdinaryShareClass1 2024-05-31 05467304 c:OrdinaryShareClass1 2023-05-31 05467304 c:OrdinaryShareClass3 2023-06-01 2024-05-31 05467304 c:OrdinaryShareClass3 2024-05-31 05467304 c:OrdinaryShareClass3 2023-05-31 05467304 c:FRS102 2023-06-01 2024-05-31 05467304 c:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 05467304 c:FullAccounts 2023-06-01 2024-05-31 05467304 c:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 05467304 d:HirePurchaseContracts d:WithinOneYear 2024-05-31 05467304 d:HirePurchaseContracts d:WithinOneYear 2023-05-31 05467304 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-05-31 05467304 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-05-31 05467304 d:AcceleratedTaxDepreciationDeferredTax 2024-05-31 05467304 d:AcceleratedTaxDepreciationDeferredTax 2023-05-31 05467304 2 2023-06-01 2024-05-31 05467304 e:PoundSterling 2023-06-01 2024-05-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 05467304










Halo Corporate Finance Limited








Unaudited

Financial statements

Information for filing with the registrar

For the Year Ended 31 May 2024

 
Halo Corporate Finance Limited
 
  
Chartered Accountants' Report to the Board of Directors on the preparation of the Unaudited Statutory Financial Statements of Halo Corporate Finance Limited for the Year Ended 31 May 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 Corporate Finance Limited for the year ended 31 May 2024 which comprise  the Balance Sheet and the 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 https://www.icaew.com /regulation.

This report is made solely to the Board of Directors of Halo Corporate Finance Limited, as a body, in accordance with the terms of our engagement letter dated 18 July 2024Our work has been undertaken solely to prepare for your approval the financial statements of Halo Corporate Finance Limited and state those matters that we have agreed to state to the Board of Directors of Halo Corporate Finance Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Halo Corporate Finance Limited and its Board of Directors, as a body, for our work or for this report. 

It is your duty to ensure that Halo Corporate Finance 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 Corporate Finance Limited. You consider that Halo Corporate Finance Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Halo Corporate Finance 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.

  



Kreston Reeves LLP
Chartered Accountants
Springfield House
Springfield Road
Horsham
West Sussex
RH12 2RG
11 September 2024
Page 1

 
Halo Corporate Finance Limited
Registered number: 05467304

Balance Sheet
As at 31 May 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
177,401
90,941

Investment property
 6 
199,424
199,424

  
376,825
290,365

Current assets
  

Debtors: amounts falling due within one year
 7 
563,846
483,609

Cash at bank and in hand
  
298,657
215,680

  
862,503
699,289

Creditors: amounts falling due within one year
 8 
(617,546)
(469,470)

Net current assets
  
 
 
244,957
 
 
229,819

Total assets less current liabilities
  
621,782
520,184

Creditors: amounts falling due after more than one year
 9 
(314,323)
(323,455)

Provisions for liabilities
  

Deferred tax
 12 
(14,500)
-

  
 
 
(14,500)
 
 
-

Net assets
  
292,959
196,729


Capital and reserves
  

Called up share capital 
 13 
736
729

Capital redemption reserve
  
280
280

Profit and loss account
  
291,943
195,720

  
292,959
196,729


Page 2

 
Halo Corporate Finance Limited
Registered number: 05467304

Balance Sheet (continued)
As at 31 May 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Mr S Sterling
Director
Date: 11 September 2024

Page 3

 
Halo Corporate Finance Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 May 2024

1.


General information

The company is a private company limited by share capital incorporated in England and Wales.
The registered office of the company is Unit 5 Newhouse Business Centre, Faygate, Horsham, West Sussex, RH12 4RU.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1. 

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Turnover

Turnover represents broker commission received and other related charges, net of value added tax, in respect of completed finance arrangements.
Other income
Other income represents interest received in relation to own funds lending.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Leasehold improvements
-
33%
Straight line
Motor vehicles
-
25%
Reducing balance
Office equipment
-
20%
Straight line
Computer equipment
-
33%
Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 4

 
Halo Corporate Finance Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 May 2024

2.Accounting policies (continued)

 
2.5

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

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.

 
2.8

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
 

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 5

 
Halo Corporate Finance Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 May 2024

2.Accounting policies (continued)

 
2.12

Borrowing costs

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

 
2.13

Leased assets: the Company as lessor

Asset finance classified as a finance lease is recognised as a debtor representing the net investment in the lease.  Unearned interest is included within this other debtor with the corresponding entry in other creditors.

 
2.14

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Employees

The average monthly number of employees, including directors, during the year was 47 (2023 - 48).

Page 6

 
Halo Corporate Finance Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 May 2024

4.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
67,934
44,290

Total current tax
67,934
44,290

Deferred tax


Origination and reversal of timing differences
50,609
6,168

Total deferred tax
50,609
6,168


Taxation on profit on ordinary activities
118,543
50,458

Factors affecting tax charge for the year

There were no factors that affected the tax charge for the year which has been calculated on the profits on ordinary activities before tax at the standard rate of corporation tax in the UK of  25% (2023 - 20%).


Page 7

 


 
Halo Corporate Finance Limited


 

 
Notes to the Financial Statements
For the Year Ended 31 May 2024


5.


Tangible fixed assets






Leasehold improvements
Motor vehicles
Office equipment
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 June 2023
73,918
-
100,522
60,575
235,015


Additions
-
88,590
36,483
9,142
134,215



At 31 May 2024

73,918
88,590
137,005
69,717
369,230



Depreciation


At 1 June 2023
28,860
-
71,257
43,957
144,074


Charge for the year on owned assets
24,640
3,691
11,065
8,359
47,755



At 31 May 2024

53,500
3,691
82,322
52,316
191,829



Net book value



At 31 May 2024
20,418
84,899
54,683
17,401
177,401



At 31 May 2023
45,058
-
29,265
16,618
90,941

Included in motor vehicles are assets held under finance leases with a net book value at 31 May 2024 of £84,899 (2023: £nil).

Page 8

 
Halo Corporate Finance Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 May 2024

6.


Investment property


Freehold investment property

£



Valuation


At 1 June 2023
199,424



At 31 May 2024
199,424

The 2024 valuations were made by the directors, on an open market value for existing use basis.





7.


Debtors

2024
2023
£
£


Trade debtors
187,102
150,928

Other debtors
279,925
205,689

Prepayments and accrued income
95,878
89,942

Tax recoverable
941
941

Deferred taxation
-
36,109

563,846
483,609



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
56,778
60,945

Other loans
26,204
26,203

Trade creditors
94,511
61,772

Corporation tax
52,933
38,289

Other taxation and social security
269,867
201,029

Obligations under finance lease and hire purchase contracts
10,206
-

Other creditors
100,464
75,949

Accruals and deferred income
6,583
5,283

617,546
469,470


Page 9

 
Halo Corporate Finance Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 May 2024

9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
166,132
219,329

Other loans
71,416
104,126

Net obligations under finance leases and hire purchase contracts
76,775
-

314,323
323,455



10.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
56,778
60,945

Other loans
26,204
26,203


82,982
87,148

Amounts falling due 1-2 years

Bank loans
52,612
56,778

Other loans
64,472
76,204


117,084
132,982

Amounts falling due 2-5 years

Bank loans
20,335
66,169

Other loans
6,944
27,922


27,279
94,091

Amounts falling due after more than 5 years

Bank loans
93,185
96,382

93,185
96,382

320,530
410,603


Page 10

 
Halo Corporate Finance Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 May 2024

11.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
10,206
-

Between 1-5 years
76,775
-

86,981
-


12.


Deferred taxation




2024


£






At beginning of year
36,109


Charged to profit or loss
(50,609)



At end of year
(14,500)

The deferred taxation balance is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(14,500)
36,109

(14,500)
36,109


13.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



7,195 (2023 - 7,195) Ordinary shares of £0.10 each
720
720
1,600 (2023 - 850) Redeemable B Shares £.01
Redeemable
 shares of £0.01 each
16
9

736

729

During the year the company issued 750 Redeemable B shares at £0.01 per share. These shares do not carry voting rights and on winding up or return of capital are only entitled to nominal value.




Page 11

 
Halo Corporate Finance Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 May 2024

14.


Related party transactions

Halo Associates LLP
During the year the company made sales to Halo Associates LLP totalling £81,400 (2023: £67,765), paid commission of £9,456 (2023: £9,723) and paid a management fee of £114,000 (2023: £114,000). Halo Associates LLP is related as its members are Mr S Sterling and Mr L Hultquist.  At the year end £14,883 was owed to Halo Finance LLP (2023: £3,302 was owed to Halo Corporate Finance Limited).


15.


Controlling party

The company is controlled by the directors.


Page 12