Helo Productions UK Limited
Unaudited Financial Statements
For the year ended 31 December 2023
Pages for Filing with Registrar
Company Registration No. 10119765 (England and Wales)
Helo Productions UK Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
Helo Productions UK Limited
Balance Sheet
As at 31 December 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,745
-
0
Current assets
Debtors
4
209,890
72,667
Cash at bank and in hand
-
0
34,775
209,890
107,442
Creditors: amounts falling due within one year
5
(592,788)
(310,546)
Net current liabilities
(382,898)
(203,104)
Total assets less current liabilities
(381,153)
(203,104)
Creditors: amounts falling due after more than one year
6
(34,292)
(35,506)
Net liabilities
(415,445)
(238,610)
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
(415,545)
(238,710)
Total equity
(415,445)
(238,610)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year 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 members have not required the company to obtain an audit of its financial statements for the year 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.

Helo Productions UK Limited
Balance Sheet (Continued)
As at 31 December 2023
Page 2
The financial statements were approved by the board of directors and authorised for issue on 20 September 2024 and are signed on its behalf by:
P Smith
Director
Company Registration No. 10119765
Helo Productions UK Limited
Notes to the Financial Statements
For the year ended 31 December 2023
Page 3
1
Accounting policies
Company information

Helo Productions UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor, Charlotte Building, 17 Gresse Street, London, W1T 1QL.

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 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, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

The company has made a trueloss for the year of £252,057 (2022: £140,844 loss) and at the balance sheet date has net liabilities of £490,667 (2022: £238,610). The company continues to be supported by its director and is able to meet its liabilities as they fall due. The director has therefore deemed it appropriate for the financial statements to be prepared on the going concern basis.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computers
25% Straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Helo Productions UK Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 4
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company only has basic financial instruments, measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.

1.8
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.

1.9
Taxation

The tax expense represents the sum of the tax currently payable.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Helo Productions UK Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 5
1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
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
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
3
2
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023
-
0
Additions
2,327
At 31 December 2023
2,327
Depreciation and impairment
At 1 January 2023
-
0
Depreciation charged in the year
582
At 31 December 2023
582
Carrying amount
At 31 December 2023
1,745
At 31 December 2022
-
0
Helo Productions UK Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 6
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
52,290
-
0
Other debtors
26,346
10,385
Prepayments and accrued income
78,972
10,000
157,608
20,385
Deferred tax asset
52,282
52,282
209,890
72,667
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
9,453
9,629
Trade creditors
170,687
29,899
Taxation and social security
14,860
-
0
Other creditors
353,714
268,018
Accruals and deferred income
44,074
3,000
592,788
310,546
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
34,292
35,506
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
100
100
100
100
Helo Productions UK Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 7
8
Related party transactions

The company is controlled by the shareholders, there is no individual controlling party.

 

At the balance sheet date, the company owed a balance of £349,918 (2022: £268,018) to Helo LLC, a USA registered entity under common ownership.

 

During the year, purchases of £113,750 (2022: £120,000) were made from Sect Limited, a UK registered entity under common directorship. At the balance sheet date £28,285 remained outstanding.

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