Registration number:
Hopco International Limited
for the Period from 17 March 2022 to 31 March 2023
Hopco International Limited
Contents
Company Information |
|
Strategic Report |
|
Directors' Report |
|
Statement of Directors' Responsibilities |
|
Independent Auditor's Report |
|
Consolidated Profit and Loss Account |
|
Consolidated Statement of Comprehensive Income |
|
Consolidated Balance Sheet |
|
Balance Sheet |
|
Consolidated Statement of Changes in Equity |
|
Statement of Changes in Equity |
|
Consolidated Statement of Cash Flows |
|
Statement of Cash Flows |
|
Notes to the Financial Statements |
Hopco International Limited
Company Information
Directors |
Mr P Slate Mr D Jacofsky |
Company secretary |
MWLAW Services Limited |
Registered office |
|
Auditors |
|
Hopco International Limited
Strategic Report for the period from 17 March 2022 to 31 March 2023
The directors present their strategic report for the period from 17 March 2022 to 31 March 2023.
Principal activity
The principal activity of the group is that of a holding company.
Fair review of the business
The Group results for the year were:
Operating loss of £866,870.
Loss before taxation of £876,295.
Loss attributable to owners of the company: £636,776
The Company results for the year were:
Operating loss of £0.
Loss before taxation of £0.
In arriving at these results the Board has made careful consideration of processes surrounding the business in order to maximise financial performance.
The Directors use a range of KPIs and other metrics to measure performance of the business.
Principal risks and uncertainties
One of the key risks facing the groups activities is the general economic climate as a result of inflationary pressures of the economy. While this inflationary pressure is particularly central on fuel and food, it leads to general uncertainty and caution. To date, the group has not been adversely affected in demand for its products and services.
Another key risk facing the group remains the general economic climate as a result of the coronavirus pandemic. The impact of the group's trade has been minimal from its experience. While it may not affect the group's industry directly, it has a significant impact on the general economy and the impacts can follow through to the group.
The group holds no publicly held investments and as such it is not exposed to the risk these factors pose to the stock market.
Approved and authorised by the
......................................... |
Hopco International Limited
Directors' Report for the Period from 17 March 2022 to 31 March 2023
The directors present their report and the for the period from 17 March 2022 to 31 March 2023.
Directors of the group
The directors who held office during the period were as follows:
Disclosure of information to the auditor
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
Approved and authorised by the
......................................... |
Hopco International Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities 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 group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
• |
select suitable accounting policies and apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; 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 group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Hopco International Limited
Independent Auditor's Report to the Members of Hopco International Limited
Opinion
We have audited the financial statements of Hopco International Limited (the 'parent company') and its subsidiaries (the 'group') for the period from 17 March 2022 to 31 March 2023, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of 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 group's and the parent company's affairs as at 31 March 2023 and of the group's loss for the period 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 responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 director's 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 group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
• |
the information given in the Strategic Report and Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Hopco International Limited
Independent Auditor's Report to the Members of Hopco International Limited
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the parent company 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 Statement of Directors' Responsibilities [set out on page 4], 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.
Auditor 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:
As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the financial statements, including how fraud may occur by enquiring of management of its own consideration of fraud. In particular, we looked at where management made subjective judgements, for example in respect of significant accounting estimates that involved making assumptions and considering future events that are inherently uncertain.
Appropriate procedures included the review and testing of manual journals and key estimates and judgements made by management.
We gained an understanding of the legal and regulatory framework applicable to the Company and the industry in which it operates, drawing on our broad sector experience, and considered the risk of acts by the Company that were contrary to these laws and regulations, including fraud. We focused on laws and regulations that could give rise to a material misstatement in the financial statements, including the Companies Act 2006 and UK tax legislation.
Our tests included agreeing the financial statements disclosures to underlying supporting documentation and enquiries with management.
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that 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, misrepresentations or through collusion.
There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.
We made enquiries of management with regards to compliance with the above laws and regulations and corroborated any necessary evidence to relevant information, for example, minutes of meetings and correspondence, including legal correspondence.
Hopco International Limited
Independent Auditor's Report to the Members of Hopco International Limited
A further description of our responsibilities is available on the Financial Reporting Council’s website at: 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.
......................................
For and on behalf of
Level 30, The Leadenhall Building
122 Leadenhall Street
EC3V 4AB
Hopco International Limited
Consolidated Profit and Loss Account for the Period from 17 March 2022 to 31 March 2023
Note |
2023 |
|
Turnover |
|
|
Cost of sales |
( |
|
Gross profit |
|
|
Administrative expenses |
( |
|
Operating loss |
( |
|
Interest payable and similar expenses |
( |
|
Loss before tax |
( |
|
Tax on loss |
|
|
Loss for the financial period |
( |
|
Profit/(loss) attributable to: |
||
Owners of the company |
( |
|
Minority interests |
( |
|
( |
The above results were derived from continuing operations.
The group has no recognised gains or losses for the period other than the results above.
Hopco International Limited
Consolidated Statement of Comprehensive Income for the Period from 17 March 2022 to 31 March 2023
2023 |
|
Loss for the period |
( |
Total comprehensive income for the period |
( |
Total comprehensive income attributable to: |
|
Owners of the company |
( |
Minority interests |
( |
( |
Hopco International Limited
(Registration number: 13983616)
Consolidated Balance Sheet as at 31 March 2023
Note |
2023 |
|
Fixed assets |
||
Intangible assets |
|
|
Tangible assets |
|
|
|
||
Current assets |
||
Debtors |
|
|
Cash at bank and in hand |
|
|
|
||
Creditors: Amounts falling due within one year |
( |
|
Net current liabilities |
( |
|
Net liabilities |
( |
|
Capital and reserves |
||
Called up share capital |
100 |
|
Capital redemption reserve |
404,201 |
|
Retained earnings |
(636,776) |
|
Equity attributable to owners of the company |
(232,475) |
|
Minority interests |
(277,590) |
|
Shareholders' deficit |
(510,065) |
Approved and authorised by the
......................................... |
Hopco International Limited
(Registration number: 13983616)
Balance Sheet as at 31 March 2023
Note |
2023 |
|
Fixed assets |
||
Investments |
|
|
Current assets |
||
Debtors |
|
|
Creditors: Amounts falling due within one year |
( |
|
Net current liabilities |
( |
|
Net assets |
|
|
Capital and reserves |
||
Called up share capital |
100 |
|
Shareholders' funds |
100 |
The company made a profit after tax for the financial period of £- ( - loss of £-).
Approved and authorised by the
......................................... |
Hopco International Limited
Consolidated Statement of Changes in Equity for the Period from 17 March 2022 to 31 March 2023
Equity attributable to the parent company
Share capital |
Capital redemption reserve |
Retained earnings |
Total |
Non-controlling interests - Equity |
Total equity |
|
Loss for the period |
- |
- |
( |
( |
( |
( |
New share capital subscribed |
|
- |
- |
|
- |
|
Other capital redemption reserve movements |
- |
404,201 |
- |
404,201 |
- |
404,201 |
Acquisition of subsidiaries, decrease in equity |
- |
- |
- |
- |
( |
( |
At 31 March 2023 |
|
|
( |
( |
( |
( |
Hopco International Limited
Statement of Changes in Equity for the Period from 17 March 2022 to 31 March 2023
Share capital |
Total |
|
New share capital subscribed |
|
|
At 31 March 2023 |
|
|
Hopco International Limited
Consolidated Statement of Cash Flows for the Period from 17 March 2022 to 31 March 2023
Note |
2023 |
|
Cash flows from operating activities |
||
Loss for the period |
( |
|
Adjustments to cash flows from non-cash items |
||
Depreciation and amortisation |
|
|
Loss on disposal of tangible assets |
|
|
Finance costs |
|
|
Income tax expense |
( |
|
Foreign exchange gains/losses |
|
|
( |
||
Working capital adjustments |
||
Increase in debtors |
( |
|
Increase in creditors |
|
|
Increase in deferred income, including government grants |
|
|
Net cash flow from operating activities |
|
|
Cash flows from investing activities |
||
Acquisitions of tangible assets |
( |
|
Proceeds from sale of tangible assets |
( |
|
Acquisition of intangible assets |
( |
|
Net cash flows from investing activities |
( |
|
Cash flows from financing activities |
||
Interest paid |
( |
|
Proceeds from issue of ordinary shares, net of issue costs |
|
|
Proceeds from capital contribution reserve |
|
|
Net cash flows from financing activities |
|
|
Net increase in cash and cash equivalents |
|
|
Cash and cash equivalents at 17 March |
- |
|
Cash and cash equivalents at 31 March |
23,373 |
Hopco International Limited
Statement of Cash Flows for the Period from 17 March 2022 to 31 March 2023
Note |
2023 |
|
Cash flows from operating activities |
||
Profit/(loss) for the period |
- |
|
Working capital adjustments |
||
Increase in debtors |
( |
|
Increase in creditors |
|
|
Net cash flow from operating activities |
|
|
Cash flows from investing activities |
||
Acquisition of subsidiaries |
( |
|
Cash flows from financing activities |
||
Proceeds from issue of ordinary shares, net of issue costs |
|
|
Net increase/(decrease) in cash and cash equivalents |
- |
|
Cash and cash equivalents at 17 March |
- |
|
Cash and cash equivalents at 31 March |
- |
Hopco International Limited
Notes to the Financial Statements for the Period from 17 March 2022 to 31 March 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
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.
Basis of consolidation
The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 March 2023.
A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate.
The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.
Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full. Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.
Hopco International Limited
Notes to the Financial Statements for the Period from 17 March 2022 to 31 March 2023
Going concern
At 31 March 2023, the company had net liabilities. Despite this, the directors have confirmed that in their opinion the company will be able to meet its liabilities as they fall due for the foreseeable future (being a period not less than twelve months) due to the continued financial support provided by group companies.
Consequently, the company is considered a going concern.
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.
Revenue is recognised when all the following conditions are met:
- The Company has transferred the significant risks and rewards of the ownership to the buyer;
- The Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- The amount can be reliably measured;
- It is probable that the Company will receive the consideration due under the transaction; and
When the outcome of a transaction can be estimated reliably, turnover from services provided is recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to the contract duration.
Foreign currency transactions and balances
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 group 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 |
Plant and machinery |
33% straight line |
Hopco International Limited
Notes to the Financial Statements for the Period from 17 March 2022 to 31 March 2023
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Intangible assets
Intangible assets acquired separately from a business are capitalised at cost. Intangible assets acquired as part of business combinations are capitalised separately from goodwill if the fair value can be reliably measured on initial recognition.
Intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Intangible assets other than goodwill |
10% straight line |
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 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 group will not be able to collect all amounts due according to the original terms of the receivables.
Debtors receivable within one year
Debtors with no stated interest rate and receivable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
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 group 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.
Hopco International Limited
Notes to the Financial Statements for the Period from 17 March 2022 to 31 March 2023
Creditors payable within one year
Creditors with no stated interest rate and payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
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.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Turnover |
The analysis of the group's Turnover for the period from continuing operations is as follows:
2023 |
|
Sales |
|
Other gains and losses |
The analysis of the group's other gains and losses for the period is as follows:
2023 |
|
Loss on disposal of Tangible assets |
( |
Operating loss |
Arrived at after charging/(crediting)
2023 |
|
Depreciation expense |
|
Research and development cost |
|
Loss on disposal of property, plant and equipment |
|
Interest payable and similar expenses |
2023 |
|
Interest expense on other finance liabilities |
|
Foreign exchange gains |
|
|
Hopco International Limited
Notes to the Financial Statements for the Period from 17 March 2022 to 31 March 2023
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
2023 |
|
Wages and salaries |
|
Social security costs |
|
Pension costs, defined contribution scheme |
|
Other employee expense |
|
|
The average number of persons employed by the group (including directors) during the period, analysed by category was as follows:
2023 |
|
Administration and support |
|
|
Auditors' remuneration |
2023 |
|
Audit of these financial statements |
9,000 |
Other fees to auditors |
|
All other non-audit services |
|
Taxation |
Tax charged/(credited) in the consolidated profit and loss account
2023 |
|
Current taxation |
|
UK corporation tax |
( |
The tax credit of £47,330 relates to a Research & Development Tax Credit claim by the subsidiary company Future Health Works Ltd. Management consider the R&D claim to not only include direct consumables recorded as R&D costs but also a proportion of staff labour.
Hopco International Limited
Notes to the Financial Statements for the Period from 17 March 2022 to 31 March 2023
Intangible assets |
Group
Goodwill |
Internally generated software development costs |
Total |
|
Cost or valuation |
|||
Acquired through business combinations |
|
|
|
At 31 March 2023 |
|
|
|
Amortisation |
|||
Amortisation charge |
- |
|
|
At 31 March 2023 |
- |
|
|
Carrying amount |
|||
At 31 March 2023 |
|
|
|
The aggregate amount of research and development expenditure recognised as an expense during the period is £
Tangible assets |
Group
Furniture, fittings and equipment |
Total |
|
Cost or valuation |
||
Additions |
|
|
At 31 March 2023 |
|
|
Depreciation |
||
Charge for the period |
|
|
At 31 March 2023 |
|
|
Carrying amount |
||
At 31 March 2023 |
|
|
Assets held under finance lease or hire purchase
Total assets held under finance lease or hire purchase was £nil.
Hopco International Limited
Notes to the Financial Statements for the Period from 17 March 2022 to 31 March 2023
Investments |
Company
2023 |
|
Investments in subsidiaries |
|
Subsidiaries |
£ |
Cost or valuation |
|
Additions |
|
Provision |
|
Carrying amount |
|
At 31 March 2023 |
|
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
2023 |
|||
Subsidiary undertakings |
|||
|
3rd Floor 1 Ashley Road
United Kingdom |
|
|
Subsidiary undertakings |
Future Health Works Ltd The principal activity of Future Health Works Ltd is |
Hopco International Limited
Notes to the Financial Statements for the Period from 17 March 2022 to 31 March 2023
Debtors |
Group |
Company |
||
Current |
Note |
2023 |
2023 |
Trade debtors |
|
- |
|
Other debtors |
|
|
|
Prepayments |
|
- |
|
Accrued income |
|
- |
|
Income tax asset |
|
- |
|
|
|
Cash and cash equivalents |
Group |
Company |
|
2023 |
2023 |
|
Cash at bank |
|
- |
Creditors |
Group |
Company |
||
Note |
2023 |
2023 |
|
Due within one year |
|||
Trade creditors |
|
- |
|
Amounts due to related parties |
|
|
|
Social security and other taxes |
|
- |
|
Outstanding defined contribution pension costs |
|
- |
|
Accruals |
|
- |
|
Deferred income |
|
- |
|
|
|
Pension and other schemes |
Defined contribution pension scheme
The group operates a defined contribution pension scheme. The pension cost charge for the period represents contributions payable by the group to the scheme and amounted to £
Contributions totalling £
Hopco International Limited
Notes to the Financial Statements for the Period from 17 March 2022 to 31 March 2023
Share capital |
Allotted, called up and fully paid shares
2023 |
||
No. |
£ |
|
|
|
100 |
Obligations under leases and hire purchase contracts |
Group
Operating leases
The total of future minimum lease payments is as follows:
2023 |
|
Not later than one year |
|
Later than one year and not later than five years |
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the period was £
Analysis of changes in net debt |
Group
Acquisition of subsidiaries |
At 31 March 2023 |
|
Cash and cash equivalents |
||
Cash |
23,373 |
23,373 |
|
||
|
|
Related party transactions |
Group
Summary of transactions with group companies
The company has been provided with loans by its parent company, totalling £15,557,301.
These loans are not accruing interest and are repayable at the request of the group company.
Company
Summary of transactions with group companies
The company has been provided with loans by its parent company, totalling £14,200,000.
These loans are not accruing interest and are repayable at the request of the group company.