Company Registration No. 09021756 (England and Wales)
Hello Halo Productions Limited
Unaudited financial statements
for the year ended 31 December 2023
Pages for filing with the registrar
Hello Halo Productions Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 8
Hello Halo Productions Limited
Statement of financial position
As at 31 December 2023
31 December 2023
1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
3,773
2,091
Current assets
Debtors
6
1,259,931
2,107,011
Cash at bank and in hand
538,816
249,830
1,798,747
2,356,841
Creditors: amounts falling due within one year
7
(1,321,123)
(2,164,021)
Net current assets
477,624
192,820
Total assets less current liabilities
481,397
194,911
Creditors: amounts falling due after more than one year
8
(22,500)
(32,500)
Net assets
458,897
162,411
Capital and reserves
Called up share capital
9
1,000
1,000
Share premium account
329,700
329,700
Profit and loss reserves
128,197
(168,289)
Total equity
458,897
162,411

The directors of the company have elected not to include a copy of the income statement 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.

Hello Halo Productions Limited
Statement of financial position (continued)
As at 31 December 2023
31 December 2023
2
The financial statements were approved by the board of directors and authorised for issue on 23 September 2024 and are signed on its behalf by:
Stuart Mullin
Director
Company Registration No. 09021756
Hello Halo Productions Limited
Notes to the financial statements
For the year ended 31 December 2023
3
1
Accounting policies
Company information
Hello Halo Productions 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

As at the period end, the company has net assets of £421,718 (2022: £162,411). The director acknowledges that the company has cash of £538,816 (2022: £249,830) at the period end and atruet 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. Distribution income is recognised in the period to which it relates.

1.4
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.

Fixtures and fittings
2 years
Computer equipment
2 years

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 disposal are determined by comparing the proceeds with the carrying amount and is recognised in the statement of profit and loss.

1.5
Borrowing costs

All borrowing costs are recognised in the income statement in the period in which they are incurred.

Hello Halo Productions Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
4
1.6
Cash and cash equivalents

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 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.

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.

1.8
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.

Hello Halo Productions Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
5
1.9
Taxation
Current tax

Tax is recognised in the Income Statement, 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 reporting date in the countries where the company operates and generates income.

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
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12

Work in progress

Work in progress related to direct production costs incurred on productions and not delivered during the period. The cost are recorded at the lower of cost and net realisable value, and are net of Value Added Tax.

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.

3
Employees

The average monthly number of employees, including directors during the period was 22 (2022: 23).

Hello Halo Productions Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
6
4
Tangible fixed assets
Fixtures and fittings
Computer equipment
Total
£
£
£
Cost
At 1 January 2023
2,351
14,118
16,469
Additions
534
5,365
5,899
At 31 December 2023
2,885
19,483
22,368
Depreciation and impairment
At 1 January 2023
1,499
12,879
14,378
Depreciation charged in the year
993
3,224
4,217
At 31 December 2023
2,492
16,103
18,595
Carrying amount
At 31 December 2023
393
3,380
3,773
At 31 December 2022
852
1,239
2,091
5
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
Hello Halo Kids Limited
United Kingdom
Television production
Ordinary
100.00
0
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
144,029
53,162
Amounts owed by group undertakings
630,451
1,197,678
Other debtors
9,885
3,150
Prepayments and accrued income
475,566
853,021
1,259,931
2,107,011

The amounts owed by group undertakings (Hello Halo Kids Ltd) are interest free, unsecured and repayable on demand.

Hello Halo Productions Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
7
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
531
22,965
Corporation tax
9,389
9,389
Other taxation and social security
410,820
174,775
Other creditors
900,383
1,956,892
1,321,123
2,164,021
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
22,500
32,500
9
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
10,000 Ordinary shares of 10p each
1,000
1,000
10
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
17,431
7,372

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions totalling £881 (2022: £1,945) were payable to the fund at the reporting date and are included in creditors.

11
Parent company

By virtue of her majority shareholding in the company, Wendy Rattray is considered to be the ultimate controlling party.

Hello Halo Productions Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
8
12
Related party transactions

During the period, the company was charged fees of £283,917 (2022: £329,101) and recharges of £17,120 (2022: £5,715), both including VAT, by Greenbird Media Limited, a shareholder in the company, and a company with a common director. A total amount settled was £323,989 (2022: £339,137) in the period. A balance of £281 (2022: £22,671) is included in trade creditors.

 

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