Hopsworks Limited 14068187 false 2022-04-26 2023-04-30 2023-04-30 The principal activity of the company is the development of software. Digita Accounts Production Advanced 6.30.9574.0 true true true 14068187 2022-04-26 2023-04-30 14068187 2023-04-30 14068187 bus:OrdinaryShareClass1 2023-04-30 14068187 core:CurrentFinancialInstruments 2023-04-30 14068187 core:CurrentFinancialInstruments core:WithinOneYear 2023-04-30 14068187 core:FurnitureFittingsToolsEquipment 2023-04-30 14068187 bus:SmallEntities 2022-04-26 2023-04-30 14068187 bus:AuditExemptWithAccountantsReport 2022-04-26 2023-04-30 14068187 bus:FullAccounts 2022-04-26 2023-04-30 14068187 bus:SmallCompaniesRegimeForAccounts 2022-04-26 2023-04-30 14068187 bus:RegisteredOffice 2022-04-26 2023-04-30 14068187 bus:Director1 2022-04-26 2023-04-30 14068187 bus:OrdinaryShareClass1 2022-04-26 2023-04-30 14068187 bus:PrivateLimitedCompanyLtd 2022-04-26 2023-04-30 14068187 core:FurnitureFittingsToolsEquipment 2022-04-26 2023-04-30 14068187 core:OfficeEquipment 2022-04-26 2023-04-30 14068187 1 2022-04-26 2023-04-30 14068187 1 2022-04-26 2023-04-30 14068187 countries:England 2022-04-26 2023-04-30 14068187 countries:Sweden 2022-04-26 2023-04-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 14068187

Hopsworks Limited

Unaudited Filleted Financial Statements

for the Period from 26 April 2022 to 30 April 2023

 

Hopsworks Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Hopsworks Limited

Company Information

Director

Mr J P Dowling

Registered office

69 Wilson Street
London
England
EC2A 2BB

 

Hopsworks Limited

(Registration number: 14068187)
Balance Sheet as at 30 April 2023

Note

2023
£

Fixed assets

 

Tangible assets

4

2,175

Current assets

 

Debtors

5

3,738

Cash at bank and in hand

 

7,888

 

11,626

Creditors: Amounts falling due within one year

6

(415,107)

Net current liabilities

 

(403,481)

Net liabilities

 

(401,306)

Capital and reserves

 

Called up share capital

7

100

Other reserves

5,316

Retained earnings

(406,722)

Shareholders' deficit

 

(401,306)

For the financial period ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

For the financial period ending 30 April 2023 the company was entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

Hopsworks Limited

(Registration number: 14068187)
Balance Sheet as at 30 April 2023

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 10 November 2023
 

.........................................
Mr J P Dowling
Director

 

Hopsworks Limited

Notes to the Unaudited Financial Statements for the Period from 26 April 2022 to 30 April 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
69 Wilson Street
London
England
EC2A 2BB

These financial statements were authorised for issue by the director on 10 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Disclosure of long or short period

The company was incorporated on 26 April 2022, and this is the first accounting period, covering a period longer than 12 months.

Going concern

The Company has net current liabilities of £403,481 and net liabilities of £401,306. The financial statements have been prepared on a going concern basis as its Parent Company has confirmed that it will continue to support the Company and enable it to meet its financial obligations as they fall due.

 

Hopsworks Limited

Notes to the Unaudited Financial Statements for the Period from 26 April 2022 to 30 April 2023

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Straight line 5 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Hopsworks Limited

Notes to the Unaudited Financial Statements for the Period from 26 April 2022 to 30 April 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Share based payments

The company operates an equity-settled, share-based compensation plan, under which the entity receives services from employees as consideration for equity instruments (options) of the entity. The fair value of the employee services received is measured by reference to the estimated fair value at the grant date of equity instruments granted and is recognised as an expense over the vesting period. The estimated fair value of the option granted is calculated using the Black Scholes option pricing model. The total amount expensed is recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied.

The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the options are exercised.

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 4.

 

Hopsworks Limited

Notes to the Unaudited Financial Statements for the Period from 26 April 2022 to 30 April 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

Additions

2,617

2,617

At 30 April 2023

2,617

2,617

Depreciation

Charge for the period

442

442

At 30 April 2023

442

442

Carrying amount

At 30 April 2023

2,175

2,175

5

Debtors

Current

2023
£

Prepayments

559

Other debtors

3,179

 

3,738

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

Due within one year

 

Trade creditors

 

1,914

Amounts owed to group undertakings and undertakings in which the company has a participating interest

413,193

 

415,107

 

Hopsworks Limited

Notes to the Unaudited Financial Statements for the Period from 26 April 2022 to 30 April 2023

7

Share capital

Allotted, called up and fully paid shares

 

2023

 

No.

£

Ordinary of £1 each

100

100

     

8

Reserves

The retained earnings represents total income and expense in the current and prior years attributable to equity holders less, for example, cumulative dividends to shareholders.

Other reserves represents the share-based payment reserve, which arises as the expense of issuing share-based payments is recognised over time.

9 Share-based payment
During the period, certain employees were granted options to subscribe for shares in the Company, under a share option scheme, as follows:
• 41,280 options were granted on 12 July 2022

The total share-based payment charge recognised by the Company for the period ending 30 April 2023 is £5,315. The fair value of options granted has been estimated using a Black Scholes model. The expected volatility is assessed by reference to historic volatility of comparable corporate shares.
The following assumptions have been used:
Option life: 3 years
Risk-free rate: 1.804%
Volatility: 100%
Dividend yield: nil

10 Parent and ultimate parent undertaking

The parent of the largest group in which these financial statements are consolidated is Hopsworks AB, incorporated in Sweden.

The address of Hopsworks AB is:
Asogatan 119, 11624 Stockholm, Sweden