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Registered number: 11253591
Halo Appliances Ltd
Unaudited Financial Statements
For The Year Ended 31 March 2025
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 11253591
2025 2024
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 2,332,894 760,294
Tangible Assets 5 9,279 364
2,342,173 760,658
CURRENT ASSETS
Stocks 6 308,633 179,453
Debtors 7 98,009 130,436
Cash at bank and in hand 9,765 12,400
416,407 322,289
Creditors: Amounts Falling Due Within One Year 8 (1,899,628 ) (917,507 )
NET CURRENT ASSETS (LIABILITIES) (1,483,221 ) (595,218 )
TOTAL ASSETS LESS CURRENT LIABILITIES 858,952 165,440
Creditors: Amounts Falling Due After More Than One Year 9 (349,823 ) (677,789 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (12,789 ) -
NET ASSETS/(LIABILITIES) 496,340 (512,349 )
CAPITAL AND RESERVES
Called up share capital 10 55,773 55,773
Share premium account 321,378 321,378
Other reserves 2,260,940 661,240
Profit and Loss Account (2,141,751 ) (1,550,740 )
SHAREHOLDERS' FUNDS 496,340 (512,349)
Page 1
Page 2
For the year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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
Mr Martin Bagwell
Director
8th August 2025
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Halo Appliances Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11253591 . The registered office is 33 Pure Offices Plato Close, Tachbrook Park, Warwick, CV34 6WE.
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. 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.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are capitalised patent costs. It is amortised to profit and loss account over its estimated economic life of 20 years, once it has been fully developed. It remains on the balance sheet until the patent rights has been granted, before it will be amortised.
2.4. Research and Development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research is recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised to profit and loss on a straight line basis over their expected useful economic lives, which range from 5 to 10 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project the expenditure is treated as if it were all incurred in the research phase only.
2.5. Intangible Fixed Assets and Amortisation - Intellectual Property
Intellectual property assets are externally valued patent rights granted to the company. It is amortised to the profit and loss account over its estimated economic life of 20 years.The amortisation should commence in the 2025 financial year.
2.6. 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:
Plant & Machinery SL 25%
Computer Equipment SL 28%
2.7. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.8. 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.
2.9. 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2024: 2)
2 2
4. Intangible Assets
Other Development Costs Intellectual Property Total
£ £ £ £
Cost
As at 1 April 2024 29,167 69,887 661,240 760,294
Additions 9,611 6,927 1,556,062 1,572,600
As at 31 March 2025 38,778 76,814 2,217,302 2,332,894
Net Book Value
As at 31 March 2025 38,778 76,814 2,217,302 2,332,894
As at 1 April 2024 29,167 69,887 661,240 760,294
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5. Tangible Assets
Plant & Machinery Computer Equipment Total
£ £ £
Cost
As at 1 April 2024 194,909 4,649 199,558
Additions 10,781 - 10,781
As at 31 March 2025 205,690 4,649 210,339
Depreciation
As at 1 April 2024 194,909 4,285 199,194
Provided during the period 1,502 364 1,866
As at 31 March 2025 196,411 4,649 201,060
Net Book Value
As at 31 March 2025 9,279 - 9,279
As at 1 April 2024 - 364 364
6. Stocks
2025 2024
£ £
Stock 308,633 179,453
7. Debtors
2025 2024
£ £
Due within one year
Other debtors 98,009 130,436
8. Creditors: Amounts Falling Due Within One Year
2025 2024
£ £
Trade creditors 412,623 422,522
Bank loans and overdrafts 162,516 11,143
Other loans - 170,399
Other creditors 962,898 106,360
Taxation and social security 361,591 207,083
1,899,628 917,507
9. Creditors: Amounts Falling Due After More Than One Year
2025 2024
£ £
Bank loans - 10,524
Other loans 33,100 299,524
Other creditors 316,723 367,741
349,823 677,789
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10. Share Capital
2025 2024
£ £
Allotted, Called up and fully paid 55,773 55,773
Page 6