Company registration number 02210024 (England and Wales)
HELLO LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
HELLO LIMITED
COMPANY INFORMATION
Directors
Eduardo Sanchez Perez
Maria Carmen Sanchez Perez
Maria Mercedes Sanchez Perez
Secretary
Maria Carmen Sanchez Perez
Company number
02210024
Registered office
Wellington House
69-71 Upper Ground
London
SE1 9PQ
Auditor
UHY Hacker Young
Quadrant House
4 Thomas More Square
London
E1W 1YW
Business address
230 Blackfriars Road
London
SE1 8NW
Bankers
Banco Bilbao Vizcaya Argentaria (BBVA)
108 Cannon Street
London
EC4N 6EU
Lloyds Bank Plc
39 Threadneedle Street
London
EC2R 8AU
HELLO LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 24
HELLO LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

The directors present the strategic report for the year ended 31 December 2025.

Review of the business

During the year, the company continued to carry out its role as publisher of Hello! and Hello! Fashion magazines. Turnover for the year was £23,063,822 (2024: £24,510,369) a nd is a key performance indicator for the company.

The Company continues working on the new business line with 4 new specials in 2026.

The company still acts as an agent of its parent Hola! for the digital business for the advertising sales and providing editorial services to run the Hello digital page.

In 2026 the Company expects to see the results of the restructuring done during 2025 with a more cost efficient management of the human resources.

For 2026 a new business line will be explored, creating events.

Principal risks and uncertainties

The company operates in a highly competitive environment and as such faces pressures to maintain its market share. In the year, newsstand sales remained strong and the company's intention is to continue to consolidate its position in the market. The new business line of special magazines is going to continue growing with 4 specials for 2026.

Digital income has continued to be a key area of growth and the company will be continuing to grow this area of the business going forward.

A new business line, events and experience is going to be explored in 2026.

Development and performance

The Company has incurred losses during the year and presents operational and financial needs derived from its activity and the current business context. However, the Group's management considers that the Company will continue to carry out its activity normally within the Group's operational and strategic structure.

On behalf of the board

Eduardo Sanchez Perez
Director
5 June 2026
HELLO LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -

The directors present their annual report and financial statements for the year ended 31 December 2025.

Principal activities

The principal activities of the company are the digital distribution of Hello! and Hello! Fashion magazines across the UK, Europe, South Africa, Australia and New Zealand. In this capacity, the company acts as an agent of its parent Hola! for the digital distribution of the magazines in these markets, and also serves as an editorial intermediary for the UK website and as a sales agent for the digital business line. The company additionally undertakes the distribution of the magazines in print format, which supports its wider operations.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Eduardo Sanchez Perez
Maria Carmen Sanchez Perez
Maria Mercedes Sanchez Perez
Auditor

The auditors, UHY Hacker Young, are deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
Eduardo Sanchez Perez
Director
5 June 2026
HELLO LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -

The directors are responsible for preparing the annual 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 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 these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent; and

- 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.

INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HELLO LIMITED
- 4 -
Opinion

We have audited the financial statements of Hello Limited (the 'company') for the year ended 31 December 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its 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 company's ability to continue as a going concern for a period of at least twelve 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.

INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HELLO LIMITED (CONTINUED)
- 5 -

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. 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 course of 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 our audit:

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

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 identifie d material misstatements in the strategic report or the directors' r eport.

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 and 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' r esponsibilities s tatement, 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.

INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HELLO LIMITED (CONTINUED)
- 6 -
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:

Based on our understanding of the company and the industry in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to the acts by the company, which were contrary to applicable laws and regulations including fraud, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to revenue recognition.

Audit procedures performed included: enquiries of management, review of correspondence with legal advisors, substantive testing of revenue and testing of journals and evaluating whether there was evidence of bias by the Directors that represented a risk of material misstatement due to fraud.

There are inherent limitations in the audit procedures described above and the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 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.

INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HELLO LIMITED (CONTINUED)
- 7 -
Subarna Banerjee
5 June 2026
Senior Statutory Auditor
For and on behalf of UHY Hacker Young
Chartered Accountants
Statutory Auditor
HELLO LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
- 8 -
2025
2024
Notes
£
£
Turnover
3
23,063,822
24,510,369
Cost of sales
(14,495,294)
(14,734,236)
Gross profit
8,568,528
9,776,133
Administrative expenses
(9,402,710)
(9,806,102)
Other operating income
21,500
27,781
Operating loss
4
(812,682)
(2,188)
Interest receivable and similar income
65
7,393
(Loss)/profit before taxation
(812,617)
5,205
Tax on (loss)/profit
7
120,176
(39,031)
Loss for the financial year
(692,441)
(33,826)

The profit and loss account has been prepared on the basis that all operations are continuing operations.

HELLO LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2025
31 December 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
8
967,985
1,007,586
Current assets
Stocks
9
57,472
179,611
Debtors
10
7,034,305
10,857,932
Cash at bank and in hand
675,483
470,728
7,767,260
11,508,271
Creditors: amounts falling due within one year
11
(4,184,827)
(7,152,822)
Net current assets
3,582,433
4,355,449
Total assets less current liabilities
4,550,418
5,363,035
Provisions for liabilities
Deferred tax liability
12
11,483
131,659
(11,483)
(131,659)
Net assets
4,538,935
5,231,376
Capital and reserves
Called up share capital
14
50,000
50,000
Profit and loss reserves
4,488,935
5,181,376
Total equity
4,538,935
5,231,376
The financial statements were approved by the board of directors and authorised for issue on 5 June 2026 and are signed on its behalf by:
Eduardo Sanchez Perez
Director
Company Registration No. 02210024
HELLO LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 10 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2024
50,000
5,215,202
5,265,202
Year ended 31 December 2024:
Loss and total comprehensive income
-
(33,826)
(33,826)
Balance at 31 December 2024
50,000
5,181,376
5,231,376
Year ended 31 December 2025:
Loss and total comprehensive income
-
(692,441)
(692,441)
Balance at 31 December 2025
50,000
4,488,935
4,538,935
HELLO LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 11 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
19
294,571
(506,120)
Income taxes (paid)/refunded
(35,919)
133,300
Net cash inflow/(outflow) from operating activities
258,652
(372,820)
Investing activities
Purchase of tangible fixed assets
(53,962)
(71,792)
Interest received
65
7,393
Net cash used in investing activities
(53,897)
(64,399)
Net increase/(decrease) in cash and cash equivalents
204,755
(437,219)
Cash and cash equivalents at beginning of year
470,728
907,947
Cash and cash equivalents at end of year
675,483
470,728
HELLO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 12 -
1
Accounting policies
Company information

Hello Limited is a private company limited by shares incorporated in England and Wales. The registered office is Wellington House, 69-71 Upper Ground, London, SE1 9PQ.

1.1
Basis of preparation

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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts 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

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Revenue

Turnover represents amounts receivable for the following services:

a) Magazine Sales

The sales magazine editions are recognised in the month of publication of the relevant magazine, or on a straight line basis over the period of subscription.

b) Advertising Space Sold

The sale of advertising space is recognised in the month of publication of the relevant magazine, or on a straight line basis over the period of display on the Hello website.

Where advertising sale proceeds will be settled 'in kind' (barter transactions) the income is recognised at the full rate card amount, and any discount is expensed as agent's commission.

c) Digital Services

Income receivable on digital services provided to the parent company who owns and controls the domain name and website www.hellomagazine.com under the trademark HELLO is recognised in the month in which expenses are recognised from the digital department as per the corresponding agreement.

HELLO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 13 -

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

Magazine sales are recognised in the month of publication or, for subscriptions, on a straight-line basis over the subscription period. Amounts received in advance are deferred.

Advertising revenue is recognised in the month of publication or, for online advertising, over the period of display. Income received in advance is deferred. Where advertising is exchanged for goods or services, revenue is recognised at the gross value of the advertising provided, with any discount treated as commission.

Digital services are recognised in the period in which the services are provided, in accordance with the relevant agreement. Amounts received in advance are deferred.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold buildings
2% per annum
Fixtures and fittings
20 - 25% per annum
Computer equipment
20 - 25% per annum

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Stocks

Stock - inventory of paper is stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis and includes expenditure incurred on acquiring the stock and other costs in bringing them to their existing location and condition.

At each reporting date, an assessment is made for impairment. The impairment loss is recognised immediately in the statement of comprehensive income. Reversals of impairment losses are also recognised in the statement of comprehensive income.

HELLO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 14 -
1.7
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.

1.8
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 balance sheet 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 and cash and bank balances, 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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.

Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.

HELLO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 15 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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 paymen ts 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. A m ounts 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.

HELLO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 16 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
Equity instruments

The only equity instruments relate to share capital. incremental costs directly attributable to the issue of new ordinary shares are shown in equity as a deduction, net of tax, from the proceeds.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

HELLO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 17 -

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
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.

1.12
Retirement benefits

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

1.13
Leases
As lessee

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded using the average monthly exchange rate published by the Bank of England. At each reporting date, monetary assets and liabilities denominated in foreign currencies are retranslated using the exchange rates in effect on that date. Gains and losses arising on translation in the period are included in profit or loss.

2
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.

HELLO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 18 -
3
Turnover

An analysis of the company's turnover is as follows:

2025
2024
£
£
Turnover analysed by class of business
Magazine sales
9,089,447
10,304,525
Advertising
7,164,256
7,134,817
Editorial services
6,770,171
7,039,570
Other
39,948
31,457
23,063,822
24,510,369
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
14,480,090
15,609,901
Europe
5,395,897
5,342,840
Rest of the world
3,187,835
3,557,628
23,063,822
24,510,369
4
Operating loss
2025
2024
Operating loss for the year is stated after charging:
£
£
Exchange losses
33,578
43,350
Fees payable to the company's auditor for the audit of the company's financial statements
46,450
46,450
Depreciation of tangible fixed assets
93,563
89,954
Operating lease charges
328,721
186,815
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
46,450
46,450
HELLO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 19 -
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Advertising and Marketing
19
23
Central Services
16
14
Audience acquisition
37
53
Operations digital group
5
6
Circulation
2
2
Hello Print
24
26
Total
103
124

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
6,086,169
6,521,407
Social security costs
667,767
573,065
Pension costs
400,998
449,253
7,154,934
7,543,725
Redundancy payments made or committed
207,900
260,397
7
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
-
0
39,098
HELLO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
7
Taxation
2025
2024
£
£
(Continued)
- 20 -
Deferred tax
Origination and reversal of timing differences
(120,176)
(67)
Total tax (credit)/charge
(120,176)
39,031

The actual (credit)/charge for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
(Loss)/profit before taxation
(812,617)
5,205
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
(203,154)
1,301
Tax effect of expenses that are not deductible in determining taxable profit
38,473
35,159
Fixed asset differences
5,139
2,571
Losses carried back
39,366
-
0
Taxation (credit)/charge for the year
(120,176)
39,031
8
Tangible fixed assets
Freehold buildings
Fixtures and fittings
Computer equipment
Total
£
£
£
£
Cost
At 1 January 2025
1,399,142
20,409
554,295
1,973,846
Additions
-
0
8,716
45,246
53,962
At 31 December 2025
1,399,142
29,125
599,541
2,027,808
Depreciation and impairment
At 1 January 2025
522,067
13,430
430,763
966,260
Depreciation charged in the year
20,557
2,033
70,973
93,563
At 31 December 2025
542,624
15,463
501,736
1,059,823
HELLO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
8
Tangible fixed assets
Freehold buildings
Fixtures and fittings
Computer equipment
Total
£
£
£
£
(Continued)
- 21 -
Carrying amount
At 31 December 2025
856,518
13,662
97,805
967,985
At 31 December 2024
877,075
6,979
123,532
1,007,586
9
Stock - inventory of paper
2025
2024
£
£
Raw materials and consumables
57,472
179,611
10
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
2,867,696
3,147,442
Corporation tax recoverable
954
-
0
Amounts owed by group undertakings
3,448,910
7,026,961
Other debtors
391,106
311,777
Prepayments and accrued income
325,639
371,752
7,034,305
10,857,932
11
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
1,759,948
1,589,886
Amounts owed to group undertakings
1,524,446
4,333,282
Corporation tax
3,688
38,653
Other taxation and social security
-
0
143,241
Accruals and deferred income
896,745
1,047,760
4,184,827
7,152,822
HELLO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
11
Creditors: amounts falling due within one year
(Continued)
- 22 -

Deferred income included within creditors comprises amounts received in advance in respect of magazine subscriptions. These amounts are recognised as revenue on a straight-line basis over the subscription period, reflecting the delivery of magazines to subscribers.

12
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Fixed asset timing differences
129,190
131,920
Short term timing differences
-
(261)
Losses and other deductions
(117,707)
-
11,483
131,659
2025
Movements in the year:
£
Liability at 1 January 2025
131,659
Credit to profit or loss
(120,176)
Liability at 31 December 2025
11,483

The deferred tax liability set out above is expected to reverse within the foreseeable future and relates to accelerated capital allowances that are expected to mature within the same period.

13
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
400,998
449,253

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

HELLO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 23 -
14
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
50,000
50,000
50,000
50,000
15
Equity

Called-up share capital represents the nominal value of shares that have been issued.

Profit and loss reserves includes all current and prior period retained profits and losses.

16
Operating lease commitments
Lessee

Operating lease payments represent rentals payable by the company for its premises as well as some of its office equipment. Leases are negotiated for an average term of 3 years and are fixed. Further negotiations are carried out when the leases come up for renewal.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2025
2024
£
£
Within one year
246,211
190,654
Between two and five years
1,125,064
1,350,465
1,371,275
1,541,119

In June 2024, Hello Ltd entered into a new lease in regards to relocating to a new office.

HELLO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 24 -
17
Related party transactions
Remuneration of key management personnel
There was no remuneration paid to key management personnel who are also directors in the year.

No guarantees have been given or received.

As the company is a wholly owned subsidiary of Hola S.L. the company is exempt from the requirement, under Section 33 of FRS 102, to disclose transaction with entities that are wholly owned by its group. The company has taken advantage of this exemption.

18
Ultimate controlling party

The parent undertaking is Hola S.L., which is incorporated in Spain and for which group financial statements are drawn up. Their principal contact address is Hola S.L., Miguel Angel No 1, 28010 Madrid, Spain, where group financial statements are available. The ultimate controlling parties are the directors through their shareholding in the parent undertaking, Hola S.L.

19
Cash generated from/(absorbed by) operations
2025
2024
£
£
Loss after taxation
(692,441)
(33,826)
Adjustments for:
Taxation (credited)/charged
(120,176)
39,031
Investment income
(65)
(7,393)
Depreciation and impairment of tangible fixed assets
93,563
89,954
Movements in working capital:
Decrease/(increase) in stocks
122,139
(76,089)
Decrease in debtors
3,824,581
4,388,141
Decrease in creditors
(2,933,030)
(4,905,938)
Cash generated from/(absorbed by) operations
294,571
(506,120)
20
Analysis of changes in net funds
1 January 2025
Cash flows
31 December 2025
£
£
£
Cash at bank and in hand
470,728
204,755
675,483
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