Company registration number 10039228 (England and Wales)
HULLABALOOK LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
PAGES FOR FILING WITH REGISTRAR
HULLABALOOK LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
HULLABALOOK LTD
BALANCE SHEET
AS AT
31 MARCH 2026
31 March 2026
- 1 -
2026
2025
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,104
-
0
Current assets
Debtors
4
317,368
312,375
Cash at bank and in hand
9,195
35,133
326,563
347,508
Creditors: amounts falling due within one year
5
(703,475)
(508,545)
Net current liabilities
(376,912)
(161,037)
Net liabilities
(374,808)
(161,037)
Capital and reserves
Called up share capital
7
49,171
49,171
Share premium account
8
9,332,016
9,332,016
Profit and loss reserves
8
(9,755,995)
(9,542,224)
Total equity
(374,808)
(161,037)

The notes on pages 2 to 8 form part of these financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the statement of income and retained earnings within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 6 July 2026 and are signed on its behalf by:
A B Darby
Director
Company registration number 10039228 (England and Wales)
HULLABALOOK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
- 2 -
1
Accounting policies
Company information

Hullabalook Ltd (the "company") is a private company, limited by shares. The company was incorporated in the United Kingdom and is registered in England and Wales. The registration number is 10039228. The registered address is The Coach House, 90 West Hill, London, England, SW15 2UJ.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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

The financial statements have been prepared on the going concern basis.true

The company incurred a loss of £213,771 (202 5: £659,378 as restated). The directors have prepared cash flow forecasts for a period of at least 12 months from the date of approval of these financial statements. These forecasts assume that projected revenue from existing and new contracts will be achieved. As at the date of approval, certain new contracts have not yet been signed, creating uncertainty over these revenue assumptions. Management is actively negotiating these contracts and believes sufficient cash inflows will be secured. However, these conditions indicate the existence of a material uncertainty that may cast significant doubt on the company’s ability to continue as a going concern. The financial statements do not include any adjustments that would be required if the company were unable to continue as a going concern.

1.3
Revenue

The company derives its revenue from two sources: Subscriptions for software applications and professional services. The latter includes implementation services and professional services. Revenue from subscriptions are recognised when control of the promised services are transferred to the customer in an amount that reflects the consideration that the company expects to receive in consideration for those services.

Implementation services and professional services are considered distinct services that are

recognised over time based on input measures, such as time and materials.

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:

Computers
50% straight-line

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.

HULLABALOOK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 3 -
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

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
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.

1.7
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.

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.

HULLABALOOK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 4 -
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.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
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.

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.

1.10
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.

HULLABALOOK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 5 -
1.11
Retirement benefits

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

1.12
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.

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

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

2026
2025
Number
Number
Total
11
15
3
Tangible fixed assets
Computers
£
Cost
At 1 April 2025
16,301
Additions
3,055
At 31 March 2026
19,356
Depreciation and impairment
At 1 April 2025
16,301
Depreciation charged in the year
951
At 31 March 2026
17,252
Carrying amount
At 31 March 2026
2,104
At 31 March 2025
-
0
HULLABALOOK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 6 -
4
Debtors
2026
2025
as restated
Amounts falling due within one year:
£
£
Trade debtors
223,251
222,374
Corporation tax recoverable
85,982
78,689
Other debtors
8,135
4,133
317,368
305,196
2026
2025
Amounts falling due after more than one year:
£
£
Other debtors
-
0
7,179
Total debtors
317,368
312,375
5
Creditors: amounts falling due within one year
2026
2025
£
£
Trade creditors
58,575
13,208
Corporation tax
52,314
-
0
Other taxation and social security
49,038
39,662
Other creditors
543,548
455,675
703,475
508,545
6
Retirement benefit schemes
2026
2025
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
34,266
31,140

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.

Contributions totalling £5,298 (2025 - £6,267) were payable to the fund at the balance sheet date and are included in other creditors.

HULLABALOOK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 7 -
7
Called up share capital
2026
2025
2026
2025
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
3,605,986
3,605,986
36,060
36,060
Series A Preferred shares of 1p each
1,311,073
1,311,073
13,111
13,111
4,917,059
4,917,059
49,171
49,171
8
Reserves
Share premium

Share premium records the total additional value above the nominal value paid per share.

Profit and loss account

The profit and loss account records the cumulative profits or losses of the Company since incorporation.

9
Operating lease commitments
As lessee

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

2026
2025
£
£
Within 1 year
16,450
-
0
Total commitments
16,450
-
0
10
Related party transactions

There were no related party transactions during the year (202 5 - £nil).

11
Prior period adjustment

Management had incorrectly calculated the 2025 R&D credit by incorrectly assuming they met the requirements for the enhanced rate. This has been identified in the current year and corrected as a restatement of 2025 figures in these accounts. The directors have made this restatement as they believe that they enable the financial statements to provide a true and fair view.

The impact of the restatement was as follows:

As at 31 March 202 5:

- A reduction in income tax recoverable of £52,314; and

- A decrease of the tax on loss of £52,314

As at and during the year ended 31 March 202 6:

- A n increase in tax payable of £52,314; and

- A decrease in total equity (retained earnings) of £52,314.

HULLABALOOK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 8 -
12
Audit report information

The auditors' report on the financial statements for the year ended 31 March 2026 was unqualified.

In their report, the auditors emphasised the following matter without qualifying their report:

Attention is drawn to note 1.2 in the financial statements, which indicates that the company has incurred a loss of £213,771 (2025: £659,378 as restated) and is dependent on securing new customer contracts to achieve the revenue assumptions in its cash flow forecasts. As stated in note 1.2, these conditions indicate the existence of a material uncertainty that may cast significant doubt on the company’s ability to continue as a going concern. The audit opinion is not modified in respect of this matter.

In auditing the financial statements, the auditor has concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. The auditor's evaluation of the directors' assessment of the Company's ability to continue to adopt the going concern basis of accounting included assessing the recoverability of trade debtors in general and the reasonability of their forecasted cash flows that supported their going concern assumption by considering past performance and current signed contracts with customers.

Senior Statutory Auditor:
Daniel Reid FCA
Statutory Auditor:
FLB Audit LLP
Date of audit report:
6 July 2026
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