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Registration number: 11934839

Hipcrate Ltd

Unaudited Abridged Financial Statements

for the Year Ended 30 April 2023

 

Hipcrate Ltd

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 8

 

Hipcrate Ltd

Company Information

Director

Mr Maksim Burdilov

Registered office

Tileman House
131 Upper Richmond Road
London
SW15 2DD

Accountants

Carbon Accountancy Limited
Chartered Accountants and Registered Auditors
80-83 Long Lane
London
EC1A 9ET

 

Hipcrate Ltd

(Registration number: 11934839)
Abridged Balance Sheet as at 30 April 2023

Note

2023
£

(As restated)

2022
£

Fixed assets

 

Tangible assets

4

2,992

1,817

Current assets

 

Stocks

5

671,000

808,521

Debtors

247,305

195,490

Cash at bank and in hand

 

111,729

168,608

 

1,030,034

1,172,619

Creditors: Amounts falling due within one year

(1,006,916)

(1,047,925)

Net current assets

 

23,118

124,694

Total assets less current liabilities

 

26,110

126,511

Creditors: Amounts falling due after more than one year

-

(249,733)

Net assets/(liabilities)

 

26,110

(123,222)

Capital and reserves

 

Called up share capital

6

174

156

Share premium reserve

21,818

-

Retained earnings

4,118

(123,378)

Shareholders' funds/(deficit)

 

26,110

(123,222)

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

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year 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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

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.

 

Hipcrate Ltd

(Registration number: 11934839)
Abridged Balance Sheet as at 30 April 2023 (continued)

Approved and authorised by the director on 20 November 2023
 

.........................................
Mr Maksim Burdilov
Director

 

Hipcrate Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 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:
Tileman House
131 Upper Richmond Road
London
SW15 2DD

These financial statements were authorised for issue by the director on 20 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 abridged 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 abridged 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.

Going concern

The financial statements have been prepared on a going concern basis.

The company's financiers have confirmed that they will continue to provide financial support in order for the company to meet its ongoing obligations and will not seek repayment of the amounts due until such time as the company’s cash flow permits.

Prior period adjustments

The prior period adjustment results from the issue of ordinary shares in the 2021 financial period not previously reflected:

 

2023
£

2022
£

2021
£

Debtors

-

-

56

Issue of ordinary shares

-

-

(56)

    

 

Hipcrate Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2023 (continued)

2

Accounting policies (continued)

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and 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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

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

Office equipment

25% on cost

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.

 

Hipcrate Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2023 (continued)

2

Accounting policies (continued)

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2022 - 1).

 

Hipcrate Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2023 (continued)

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 May 2022

2,028

2,028

Additions

1,794

1,794

At 30 April 2023

3,822

3,822

Depreciation

At 1 May 2022

211

211

Charge for the year

619

619

At 30 April 2023

830

830

Carrying amount

At 30 April 2023

2,992

2,992

At 30 April 2022

1,817

1,817

5

Stocks

2023
£

2022
£

Other inventories

671,000

808,521

6

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £0.00 each

156,000

156

156,000

156

Ordinary B shares of £0.00 (2022 - £0) each

18,000

18

-

-

 

174,000

174

156,000

156

 

Hipcrate Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2023 (continued)

7

Related party transactions

A UK resident company in which Maksim Burdilov is a director and shareholder, provided logistical support in the sum of £256,390 (2022 - £335,451) and was charged a management fee by the company of £65,000 (2022 - £Nil) in addition to providing interest free loans to Hipcrate Ltd. At the balance sheet date the following amounts were due (to)/from the related party:

• Trade payables (£35,352) (2022 - (£139,398))
• Other receivables £65,000 (2022 - £Nil)
• Loan finance £Nil (2022 - (£19,237))

The above are repayable/(payable) on demand and therefore included in current assets/(liabilities).

 
A company resident in Cyprus, in which Maksim Burdilov is a director and shareholder, provided loan finance to Hipcrate Ltd during the period which was interest bearing at 7% per annum. At the balance sheet date, £238,694 (2022 - £249,733) was due to the related party which included accrued interest of £1,392 (2022 - £11,136).

The loan is repayable within one year from the balance sheet date and is included in current liabilities (2022 - due after one year and included in long term debt).