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Registered number: 14019217
Halfloop Limited
Unaudited Financial Statements
For The Year Ended 30 April 2024
Square Mile Accounting Limited
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 14019217
30 April 2024 30 April 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 255,651 45,071
Tangible Assets 5 716 976
256,367 46,047
CURRENT ASSETS
Debtors 6 17,648 21,110
Cash at bank and in hand 545,097 962,652
562,745 983,762
Creditors: Amounts Falling Due Within One Year 7 (44,978 ) (18,163 )
NET CURRENT ASSETS (LIABILITIES) 517,767 965,599
TOTAL ASSETS LESS CURRENT LIABILITIES 774,134 1,011,646
NET ASSETS 774,134 1,011,646
CAPITAL AND RESERVES
Called up share capital 8 95 95
Share premium account 1,099,986 1,099,986
Profit and Loss Account (325,947 ) (88,435 )
SHAREHOLDERS' FUNDS 774,134 1,011,646
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For the year ending 30 April 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 directors acknowledge their 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
S G Bignell
Director
22nd January 2025
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Halfloop Limited is a private company, limited by shares, incorporated in England & Wales, registered number 14019217 . The registered office is Arquen House, 4-6 Spicer Street, St. Albans, Hertfordshire, England, AL3 4PQ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
Company law required the directors to prepare the financial statements on a going concern basis unless it is inappropriate to presume that the company will continue in business. After reviewing the detailed income and cash projections and taking into account future financing needs, available credit facilities from external lenders and related parties, and making such further enquiries as they consider appropriate, the directors are satisfied that the company has sufficient resources to continue in operational existence for the foreseeable future. For these reasons, they have adopted the going concern basis in preparing the financial statements.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Intangible assets are development costs. Amortisation will begin when the asset is available for use which is expected to be in the near future. At this point, the useful economic life will be determine and it will be amortised to the profit and loss account.
2.4. Tangible Fixed Assets and Depreciation
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.
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Depreciation is provided on the following basis:
Computer Equipment 25% Depreciation on Straight Line Basis
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 the statement of comprehensive income.
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
2.7. Pensions
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.
The contributions are recognised as an expense in the profit and loss account when they fall due. At the reporting date, no amount remained payable and the scheme liability had been paid in full. The assets of the plan are held separately from the company in independently administered funds.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2023: 3)
4 3
4. Intangible Assets
Other
£
Cost
As at 1 May 2023 45,071
Additions 210,580
As at 30 April 2024 255,651
Net Book Value
As at 30 April 2024 255,651
As at 1 May 2023 45,071
5. Tangible Assets
Computer Equipment
£
Cost
As at 1 May 2023 1,041
As at 30 April 2024 1,041
Depreciation
As at 1 May 2023 65
Provided during the period 260
As at 30 April 2024 325
Net Book Value
As at 30 April 2024 716
As at 1 May 2023 976
6. Debtors
30 April 2024 30 April 2023
£ £
Due within one year
Prepayments and accrued income 12,975 3,263
VAT 4,673 17,765
Directors' loan accounts - 82
17,648 21,110
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7. Creditors: Amounts Falling Due Within One Year
30 April 2024 30 April 2023
£ £
Trade creditors 27,182 13,869
Other taxes and social security 17,114 2,539
Net wages 682 -
Accruals and deferred income - 1,755
44,978 18,163
8. Share Capital
30 April 2024 30 April 2023
Allotted, called up and fully paid £ £
8,210,500 Ordinary Shares of £ 0.00001 each 82 82
1,249,289 Ordinary A shares of £ 0.00001 each 13 13
95 95
9. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 May 2023 Amounts advanced Amounts repaid Amounts written off As at 30 April 2024
£ £ £ £ £
Mr Manoj Ramachandran 39 - 39 - -
Mr Navin Ramachandran 39 - 39 - -
Mr Stephen Bignell 4 - 4 - -
The above loans were repaid in November 2023. They were unsecured, interest free and repayable on demand.
10. Ultimate Controlling Party
In the opinion of the directors, there is no single ultimate controlling party.
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