Company registration number 11602781 (England and Wales)
HIMS & HERS UK LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
HIMS & HERS UK LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
HIMS & HERS UK LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
4,578
Tangible assets
4
101,736
106,314
Current assets
Stocks
138,929
-
Debtors
5
703,106
404,220
Cash at bank
511,305
487,513
1,353,340
891,733
Creditors: amounts falling due within one year
6
(8,167,932)
(3,706,942)
Net current liabilities
(6,814,592)
(2,815,209)
Net liabilities
(6,708,278)
(2,815,209)
Capital and reserves
Called up share capital
7
258
258
Share premium account
261,862
261,862
Profit and loss reserves
(6,970,398)
(3,077,329)
Total equity
(6,708,278)
(2,815,209)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 10 April 2024 and are signed on its behalf by:
M Baird
Director
Company registration number 11602781 (England and Wales)
HIMS & HERS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Hims & Hers UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is 107 Kirkgate, Leeds, West Yorkshire, United Kingdom, LS1 6DP.
1.1
Accounting convention
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 amounts 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
These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future. However, the directors are aware of certain material uncertainties which may cause doubt on the company's ability to continue as a going concern. The company relies heavily on the support of their parent company and they have expressed their continued support for a minimum of 12 months from the date of the accounts approval.
1.3
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, and other sales taxes. Turnover from the sale of goods is recognised when goods have been shipped to customers.
1.4
Intangible fixed assets
Intangible assets acquired are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation 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:
Other
1 year
1.5
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:
Facility equipment
20% reducing balance
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.
HIMS & HERS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Stocks
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Cash
Cash and cash equivalents are basic financial assets and include deposits held at call with banks.
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.
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, are initially recognised at transaction price unless the arrangement constitutes a financing transaction.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts 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.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.
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.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
HIMS & HERS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
4
4
3
Intangible fixed assets
Other
£
Cost
At 1 January 2023
Additions
6,104
At 31 December 2023
6,104
Amortisation and impairment
At 1 January 2023
Amortisation charged for the year
1,526
At 31 December 2023
1,526
Carrying amount
At 31 December 2023
4,578
At 31 December 2022
4
Tangible fixed assets
Facility equipment
£
Cost
At 1 January 2023
Additions
105,975
At 31 December 2023
105,975
Depreciation and impairment
At 1 January 2023
Depreciation charged in the year
4,239
At 31 December 2023
4,239
Carrying amount
At 31 December 2023
101,736
At 31 December 2022
HIMS & HERS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
703,106
379,345
Prepayments and accrued income
24,875
703,106
404,220
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,858,531
785,089
Amounts owed to parent entity
5,710,783
2,799,850
Taxation and social security
3,245
25,483
Other creditors
153,420
96,520
Accruals
441,953
8,167,932
3,706,942
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 0.01p each
2,580,000
2,580,000
258
258
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Chris Howitt
Statutory Auditor:
Henton & Co LLP
Date of audit report:
10 April 2024
9
Parent company
Hims & Hers UK Limited is a wholly owned subsidiary of Hims, Inc, a company registered in the United States.