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Company Registration No. 08409468 (England and Wales)
Hally's Limited Unaudited accounts for the year ended 29 February 2024
Hally's Limited Unaudited accounts Contents
Page
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Hally's Limited Company Information for the year ended 29 February 2024
Director
Ms Anna Halliday
Company Number
08409468 (England and Wales)
Registered Office
60 NEW KINGS ROAD LONDON SW6 4LS
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Hally's Limited Statement of financial position as at 29 February 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
24,545 
40,317 
Current assets
Inventories
4,000 
4,000 
Debtors
26,587 
25,195 
Cash at bank and in hand
106,795 
124,527 
137,382 
153,722 
Creditors: amounts falling due within one year
(107,784)
(108,609)
Net current assets
29,598 
45,113 
Total assets less current liabilities
54,143 
85,430 
Creditors: amounts falling due after more than one year
(124,291)
(117,291)
Net liabilities
(70,148)
(31,861)
Capital and reserves
Called up share capital
2 
2 
Share premium
- 
20,010 
Profit and loss account
(70,150)
(51,873)
Shareholders' funds
(70,148)
(31,861)
For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 28 November 2024 and were signed on its behalf by
Ms Anna Halliday Director Company Registration No. 08409468
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Hally's Limited Notes to the Accounts for the year ended 29 February 2024
1
Statutory information
Hally's Limited is a private company, limited by shares, registered in England and Wales, registration number 08409468. The registered office is 60 NEW KINGS ROAD, LONDON, SW6 4LS.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost basis.
Going concern
The director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
Presentation currency
The accounts are presented in £ sterling.
Taxation
Current Tax: 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: 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.
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Hally's Limited Notes to the Accounts for the year ended 29 February 2024
Tangible fixed assets and depreciation
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: Long leasehold property - 10% straight line Plant and machinery - 20% straight line Fittings fixtures and equipment - 20% straight line Office equipment - 33.33% 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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when paid.
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Hally's Limited Notes to the Accounts for the year ended 29 February 2024
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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. A grant that specifies performance conditions is recognised in income when the performance conditions are met . Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable . A grant received before the recognition criteria are satisfied is recognised as a liability.
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Hally's Limited Notes to the Accounts for the year ended 29 February 2024
4
Tangible fixed assets
Land & buildings 
Plant & machinery 
Fixtures & fittings 
Computer equipment 
Total 
£ 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At cost 
At 1 March 2023
275,481 
70,428 
63,449 
14,524 
423,882 
Additions
- 
480 
5,493 
601 
6,574 
At 29 February 2024
275,481 
70,908 
68,942 
15,125 
430,456 
Depreciation
At 1 March 2023
250,482 
65,635 
53,012 
14,436 
383,565 
Charge for the year
14,691 
1,603 
5,823 
229 
22,346 
At 29 February 2024
265,173 
67,238 
58,835 
14,665 
405,911 
Net book value
At 29 February 2024
10,308 
3,670 
10,107 
460 
24,545 
At 28 February 2023
24,999 
4,793 
10,437 
88 
40,317 
5
Inventories
2024 
2023 
£ 
£ 
Finished goods
4,000 
4,000 
4,000 
4,000 
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
6
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Trade debtors
5,241 
4,064 
Accrued income and prepayments
21,346 
21,131 
26,587 
25,195 
7
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
VAT
22,323 
24,053 
Trade creditors
47,709 
31,513 
Taxes and social security
5,744 
12,465 
Other creditors
22,136 
30,006 
Accruals
9,872 
10,572 
107,784 
108,609 
8
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Loans from directors
124,291 
117,291 
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Hally's Limited Notes to the Accounts for the year ended 29 February 2024
9
Share capital
2024 
2023 
£ 
£ 
Allotted, called up and fully paid:
10,000 Ordinary shares of £0.0002 each
2.00 
2.26 
10
Transactions with related parties
Amounts due to related parties (Key management personnel) Loan from Ms Anna Halliday: Balance B/F from 2023 (£117,291) Received from Ms Anna Halliday (£7,000) Balance C/F (£124,291)
11
Average number of employees
During the year the average number of employees was 15 (2023: 14).
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