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Registered number: SC216980
Halo Service Solutions Ltd
Strategic Report, Directors' Report and
Financial Statements
For The Year Ended 31 March 2024
GMS FC Limited
1 London Road
Ipswich
Suffolk
IP1 2HA
Contents
Page
Strategic Report 1—2
Directors' Report 3—4
Independent Auditor's Report 5—7
Statement of Comprehensive Income 8
Balance Sheet 9
Statement of Changes in Equity 10
Statement of Cash Flows 11
Notes to the Statement of Cash Flows 12
Notes to the Financial Statements 13—19
Page 1
Strategic Report
The directors present their strategic report for the year ended 31 March 2024.
Review of the Business
The company is an IT solutions provider of data management products and services. Growth has been rapid and the company divided its business amongst related party companies around the world in order to service regional markets (see note 24 to the financial statements). The company covers the UK and EU markets and is part of a network of related party companies that sell the Halo product range in territories around the world and which collectively have larger world wide income streams and market reach.
The company has performed well during the year and continues to invest in the development of innovative products to provide both standard and tailored solutions to meet client needs. The directors expect to continue a policy of growth and investment in the medium term and beyond.
The company also continues to invest in colleagues whom it supports in order for them to develop managerial and technical skills. Workforce development and welfare underpins our investment strategy.
The company has also invested in premises and other business operating equipment and assets and continues this programme of investment to support business development.
Key performance indicators
2024
2023
£
£
Turnover
£29.6m
£21.7m
Gross profit
£22.0m
£9.5m
EBITDA
£3.03m
£(0.49)m
Tangible fixed assets
£1.65m
£1.53m
Headcount
96
63
image
image
Turnover increased by 37% and gross profit increased by 133%. There were also increases in EBITDA, tangible fixed asset and headcount. 
Overall the directors are pleased with the progress that the company has made.
Principal Risks and Uncertainties
The directors consider the following to be the principal risks and uncertainties that the business faces:
  • Competition - the market is competetive but the company is well positioned as a competetive player. 
  • Cyber security - there is an increasing risk of cyber attack in the present global landscape and the directors continue to invest ongoing substantial sums to provide the best available protection against cyber threats. 
  • Cash and credit management - the company completes credit checks on new clients and works with existing clients to manage debtor collection. The company currently enjoys substantial cash balances and is partly supported in this by delayed cash collection by related party businesses (note 24).
Page 1
Page 2
Future Developments
A further related party was established in 2024/25. The two companies are related by virtue of the fact that both companies share the same shareholders. This company is Halo Software Limited a company registered in Dubai established to service the Emirates market. The establishment of the Dubai company is indicative of the continued growth of the Halo family.
On behalf of the board
Mr Paul Hamilton
Director
9th June 2025
Page 2
Page 3
Directors' Report
The directors present their report and the financial statements for the year ended 31 March 2024.
Principal Activity
The company's principal activity continues to be that of computer software development and the provision of software products and services.
Directors
The directors who held office during the year were as follows:
Mr Paul Hamilton
Mr Alan Rogerson
Mr T Petley Resigned 20/03/2024
Matters covered in the Strategic Report
Disclosures required under s416(4) of the Companies Act 2006 are commented upon in the Strategic Report as the directors consider them to be of strategic importance to the business.
Statement of Directors' Responsibilities
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements the directors are required to:
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Directors' Report is approved:
  • so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
  • they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.
Page 3
Page 4
Independent Auditors
The auditors, GMS FC Limited, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.
On behalf of the board
Mr Paul Hamilton
Director
9th June 2025
Page 4
Page 5
Independent Auditor's Report
Opinion
We have audited the financial statements of Halo Service Solutions Ltd for the year ended 31 March 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes of Equity, Cash Flow Statement and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
In our opinion the financial statements:
  • give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its profit/(loss) for the year then ended;
  • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
  • have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions Relating to Going Concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the entity's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other Information
The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on Other Matters Prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
  • the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
  • the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.
Page 5
Page 6
Matters on Which We Are Required to Report by Exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
  • adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
  • the financial statements are not in agreement with the accounting records or returns; or
  • certain disclosures of directors' remuneration specified by law are not made; or
  • we have not received all the information and explanations we require for our audit.
Responsibilities of Directors
As explained more fully in the Directors' Responsibilities Statement set out on page 3—4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 
  • Key parts of the regulatory framework applicable to the company are the Companies Act 2006 and Financial Reporting Standard 102. The audit team gained an understanding of the legistation.
  • We gained an understanding of how the company is complying with those frameworks by considering the potential for override of those controls or other innapropriate influence over the financial reporting process, understanding the culture of honesty and ethical behaviour within the organisation, and observing whether a strong emphasis is placed on fraud prevention. 
  • We assessed the susceptability of the company's financial statements to material misstatement , by understanding which areas of the business present potential fraud risk, understanding where these risks could present themselves and subsequently identifying controls in place to prevent or detect and correct them.
  • Based on the understanding gained, we designed audit procedures to identify non-compliance with laws and regulations. The procedures adopted included direct enquiries with those charged with governance, and specific analysis and testing of transactions and balances. The result of these procedures did not identify any such instance of irregularities or fraud.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Other matters
Attention is drawn to note 26 to the financial statements, which describes that the company is required to have an audit for the first time for the year ended 31 March 2024. Consequently, the corresponding figures for the period ended 31 March 2023 and the opening balances as at 31 March 2023 have not been audited. Prior year adustments have been identified and made in respect of the year ended 31 March 2023 and the 2023 comparatives restated (see note 13 to the financial statements). Our opinion is not modified in this respect.
Page 6
Page 7
Use Of Our Report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters that we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Christopher Smith (Senior Statutory Auditor)
for and on behalf of GMS FC Limited , Statutory Auditor
11th June 2025
GMS FC Limited
Chartered Certified Accountants
1 London Road
Ipswich
Suffolk
IP1 2HA
Page 7
Page 8
Statement of Comprehensive Income
2024 2023
as restated
Notes £ £
TURNOVER 4 29,660,660 21,678,078
Cost of sales (7,704,340 ) (12,202,643 )
GROSS PROFIT 21,956,320 9,475,435
Administrative expenses (19,090,484 ) (9,666,716 )
OPERATING PROFIT/(LOSS) 5 2,865,836 (191,281 )
Other interest receivable and similar income 10 1,196,196 586,618
Interest payable and similar charges 11 (47,274 ) -
PROFIT BEFORE TAXATION 4,014,758 395,337
Tax on Profit 12 (996,996 ) (93,385 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR 3,017,762 301,952
OTHER COMPREHENSIVE INCOME:
Opening balance audit adjustments (420,562 ) 1,320,926
OTHER COMPREHENSIVE INCOME FOR THE YEAR (420,562) 1,320,926
Prior year adjustment 420,562 (1,320,926)
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 3,017,762 301,952
The notes on pages 12 to 19 form part of these financial statements.
Page 8
Page 9
Balance Sheet
Registered number: SC216980
2024 2023
as restated
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 14 1,647,080 1,532,699
1,647,080 1,532,699
CURRENT ASSETS
Debtors 15 19,773,373 8,214,058
Cash at bank and in hand 14,993,010 10,649,042
34,766,383 18,863,100
Creditors: Amounts Falling Due Within One Year 16 (31,686,768 ) (18,563,319 )
NET CURRENT ASSETS (LIABILITIES) 3,079,615 299,781
TOTAL ASSETS LESS CURRENT LIABILITIES 4,726,695 1,832,480
PROVISIONS FOR LIABILITIES
Deferred Taxation 17 (70,271 ) (103,818 )
NET ASSETS 4,656,424 1,728,662
CAPITAL AND RESERVES
Called up share capital 19 100 100
Profit and Loss Account 4,656,324 1,728,562
SHAREHOLDERS' FUNDS 4,656,424 1,728,662
On behalf of the board
Mr Paul Hamilton
Director
6th June 2025
The notes on pages 12 to 19 form part of these financial statements.
Page 9
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Statement of Changes in Equity
Share Capital Profit and Loss Account Total
£ £ £
As at 1 April 2022 as previously stated 100 2,747,536 2,747,636
Prior year adjustment - (1,320,926 ) (1,320,926 )
As at 1 April 2022 as restated 100 1,426,610 1,426,710
1,426,610
Profit for the year and total comprehensive income - 301,952 301,952
Dividends paid - - -
As at 31 March 2023 as restated 100 1,728,562 1,728,662
As at 1 April 2023 as previously stated 100 1,308,000 1,308,100
Prior year adjustment - 420,562 420,562
As at 1 April 2023 as restated 100 1,728,562 1,728,662
1,728,562
Profit for the year and total comprehensive income - 3,017,762 3,017,762
Dividends paid - (90,000) (90,000)
As at 31 March 2024 100 4,656,324 4,656,424
Page 10
Page 11
Statement of Cash Flows
2024 2023
as restated
Notes £ £
Cash flows from operating activities
Net cash generated from operations 1 7,286,958 6,779,513
Interest paid (47,274 ) -
Tax paid (10,170 ) (167,084 )
Net cash generated from operating activities 7,229,514 6,612,429
Cash flows from investing activities
Purchase of tangible assets (277,374 ) (528,757 )
Interest received 1,196,196 586,618
Net cash generated from investing activities 918,822 57,861
Cash flows from financing activities
Equity dividends paid (90,000 ) -
Amount introduced by directors 427,500 160,000
Amount withdrawn by directors (3,776,555) (1,990,763)
Net cash used in financing activities (3,439,055 ) (1,830,763 )
Increase in cash and cash equivalents 4,709,281 4,839,527
Cash and cash equivalents at beginning of year 2 10,649,042 5,984,386
Foreign exchange losses on cash and cash equivalents (365,313 ) (174,871 )
Cash and cash equivalents at end of year 2 14,993,010 10,649,042
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Notes to the Statement of Cash Flows
1. Reconciliation of profit for the financial year to cash generated from operations
2024 2023
as restated
£ £
Profit for the financial year 3,017,762 301,952
Adjustments for:
Tax on profit 996,996 93,385
Interest expense 47,274 -
Interest income (1,196,196 ) (586,618 )
Depreciation of tangible assets 162,993 149,687
Foreign exchange losses 365,313 174,871
Movements in working capital:
Increase in trade and other debtors (7,079,954 ) (2,006,256 )
Increase in trade and other creditors 10,972,770 8,652,492
Net cash generated from operations 7,286,958 6,779,513
2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:
2024 2023
as restated
£ £
Cash at bank and in hand 14,993,010 10,649,042
3. Analysis of changes in net funds
As at 1 April 2023 Cash flows As at 31 March 2024
£ £ £
Cash at bank and in hand 10,649,042 4,343,968 14,993,010
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Notes to the Financial Statements
1. General Information
Halo Service Solutions Ltd is a private company, limited by shares, incorporated in Scotland, registered number SC216980 . The registered office is 86 Eastburn Tower Eastburn Drive, Falkirk, FK1 1TX.
2. Statement of Compliance
The financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
3. Accounting Policies
3.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention.
3.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern. The company is supported in it's going concern assessment by favourable payment terms offered by related party companies.
3.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
3.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 4% of cost of buildings
Plant & Machinery 25% of cost
Motor Vehicles 20% of cost
Fixtures & Fittings 20% of cost
Computer Equipment 25% of cost
3.5. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
3.6. Financial Instruments
The company has elected to apply the provisions of section 11 "Basic Financial Instruments" and section 12 "Other Financial Instrument Issues" of FRS 102 to all of its financial instruments. Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. 
Basic financial assets which include trade and other debtors and cash and bank balances, are initially measured at transaction price and are subsequently carried at amortised cost. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or if the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity.
Basic financial liabilities, including trade and other creditors are initially recognised at transaction price. Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled or they expire.
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3.7. 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.
3.8. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
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.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
4. Turnover
Analysis of turnover by class of business is as follows:
2024 2023
as restated
£ £
Software development, products and service provision 29,660,660 21,678,078
5. Operating Profit/(loss)
The operating profit/(loss) is stated after charging:
2024 2023
as restated
£ £
Exchange differences 365,313 174,871
Depreciation of tangible fixed assets 162,993 149,687
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6. Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
2024 2023
as restated
£ £
Audit Services
Audit of the company's financial statements 12,000 -
Other Services
Taxation compliance service 2,000 -
Other non-audit services 2,000 -
4,000 -
7. Staff Costs
Staff costs, including directors' remuneration, were as follows:
2024 2023
as restated
£ £
Wages and salaries 4,943,442 3,394,068
Social security costs 565,511 -
Other pension costs 117,670 -
5,626,623 3,394,068
8. Average Number of Employees
Average number of employees, including directors, during the year was as follows:
2024 2023
Office and administration 6 6
Sales, marketing and distribution 90 57
96 63
9. Directors' remuneration
2024 2023
as restated
£ £
Emoluments 32,539 9,880
10. Interest Receivable and Similar Income
2024 2023
as restated
£ £
Bank interest receivable 1,196,196 586,618
Total interest income on financial assets not measured at fair value through profit or loss: 1,196,196 586,618
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11. Interest Payable and Similar Charges
2024 2023
as restated
£ £
Other finance charges 47,274 -
12. Tax on Profit
The tax charge on the profit for the year was as follows:
Tax Rate 2024 2023
as restated
2024 2023 £ £
Current tax
UK Corporation Tax 25.0% 19.0% 1,030,543 -
Prior period adjustment - (10,433 )
1,030,543 (10,433 )
Deferred Tax
Deferred taxation (33,547 ) 103,818
Total tax charge for the period 996,996 93,385
The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
2024 2023
£ £
Profit before tax 4,014,758 395,337
Tax on profit at 25% (UK standard rate) 1,007,382 75,114
Expenses not deductible for tax purposes 2,427 -
Tax losses utilised (21,863 ) -
Capital allowances - (72,023 )
Short term timing differences - 78,902
Difference in tax rates - 24,916
Tax losses for which no deferred tax was recognised 9,050 (30,140 )
Tax losses unutilised carried forward - 16,616
Total tax charge for the period 996,996 93,385
13. Prior Period Adjustment
The prior year adjustment relates to the restatment of previously capitalised assets to provide for depreciation on freehold buildings and motor vehicles and also includes the capitalisation of certain fixtures and fittings, plant and equipment and computer and IT equipement less attributable depreciation that had been written off in full to the profit and loss account in the previous period.
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14. Tangible Assets
Land & Property
Freehold Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 April 2023 1,252,500 41,250 332,845 154,662 1,781,257
Additions - 240,153 - 37,221 277,374
As at 31 March 2024 1,252,500 281,403 332,845 191,883 2,058,631
Depreciation
As at 1 April 2023 135,073 8,250 66,569 38,666 248,558
Provided during the period 36,202 12,252 66,569 47,970 162,993
As at 31 March 2024 171,275 20,502 133,138 86,636 411,551
Net Book Value
As at 31 March 2024 1,081,225 260,901 199,707 105,247 1,647,080
As at 1 April 2023 1,117,427 33,000 266,276 115,996 1,532,699
15. Debtors
2024 2023
as restated
£ £
Due within one year
Trade debtors 13,001,859 7,223,223
Other debtors 6,771,514 990,835
19,773,373 8,214,058
16. Creditors: Amounts Falling Due Within One Year
2024 2023
as restated
£ £
Trade creditors 17,471,742 17,692,459
Other creditors 186,470 159,950
Corporation tax 2,400,703 250,024
Taxation and social security 300,485 460,886
Accruals and deferred income 11,327,368 -
31,686,768 18,563,319
17. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
as restated
£ £
Other timing differences 70,271 103,818
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18. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 April 2023 103,818 103,818
Reversals (33,547 ) (33,547)
Balance at 31 March 2024 70,271 70,271
19. Share Capital
2024 2023
as restated
Allotted, called up and fully paid £ £
100 Ordinary Shares of £ 1.00 each 100 100
20. Pension Commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
During the year the charge to profit or loss in respect of defined contribution schemes was £117,670 (2023: £0).
At the balance sheet date contributions of £26,520 (2023: £0) were due to the fund and are included in creditors.
21. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 April 2023 Amounts advanced Amounts repaid Amounts written off As at 31 March 2024
£ £ £ £ £
Mr Paul Hamilton 740,811 15,722 - - 756,533
Mr T Petley - 3,333,333 - - 3,333,333
The above loans are unsecured, interest free and repayable on demand.
Dividends paid to directors
2024 2023
£ £
Mr Paul Hamilton 90,000 -
22. Dividends
2024 2023
as restated
£ £
On equity shares:
Final dividend paid 90,000 -
23. Post Balance Sheet Events
The company entered into an arrangemnent to purchase the shares of an ex-director of the company. 
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24. Related Party Disclosures
The following related party transactions took place in the year: 
Halo Software Limited (company registered in Hong Kong number 3123951)Both parties are related by common shareholdersBalance included in trade debtors £7,054,957 (2023 - £nil). Balance included in trade creditors £17,007,711 (2023 - £17,007,711). Transactions: sales to Hong Kong company £14,183,243 (2023 - £nil). Purchases from Hong Kong company £7,128,286 (2023 - £11,971,585).

Halo Software Limited (company registered in Hong Kong number 3123951)

Both parties are related by common shareholders

Balance included in trade debtors £7,054,957 (2023 - £nil). Balance included in trade creditors £17,007,711 (2023 - £17,007,711). Transactions: sales to Hong Kong company £14,183,243 (2023 - £nil). Purchases from Hong Kong company £7,128,286 (2023 - £11,971,585).

Halo Software Australia Pty Limited (company registered in Australia number 53660511642)Both parties are related by common shareholdersLoans to the Australian company £617,992 (2023 - £nil)

Halo Software Australia Pty Limited (company registered in Australia number 53660511642)

Both parties are related by common shareholders

Loans to the Australian company £617,992 (2023 - £nil)

Entities with control, joint control or significant influence over the entity
The company is jointly controlled by the same shareholders that control the following companies:
Halo Software Limited (Hong Kong registered company)
Halo Software LLC (USA registered company)
Halo Software Pty Limited (Australia registered company)
Entities over which the entity has control, joint control or significant influence
None.
Key management personnel of the entity or its parent (in the aggregate)
The key management personnel are the directors of the company. Transactions with directors are shown at notes 9 and 21.
Entities that provide key management personnel services to the entity
None
Other related parties
None
25. Controlling Parties
The company's ultimate controlling party is Mr P Hamilton by virtue of his interest in the share capital of the company.
26. Prior period not audited
This is the first year that the company has required an audit. The comparative period and opening balances brought forward have not therefore been subject to an audit.
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