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Registration number: 13983616

Hopco International Limited

Annual Report and Consolidated Financial Statements

for the Period from 17 March 2022 to 31 March 2023

 

Hopco International Limited

Contents

Company Information

1

Strategic Report

2

Directors' Report

3

Statement of Directors' Responsibilities

4

Independent Auditor's Report

5 to 7

Consolidated Profit and Loss Account

8

Consolidated Statement of Comprehensive Income

9

Consolidated Balance Sheet

10

Balance Sheet

11

Consolidated Statement of Changes in Equity

12

Statement of Changes in Equity

13

Consolidated Statement of Cash Flows

14

Statement of Cash Flows

15

Notes to the Financial Statements

16 to 24

 

Hopco International Limited

Company Information

Directors

Mr P Slate

Mr D Jacofsky

Company secretary

MWLAW Services Limited

Registered office

Fifth Floor
5 New Street Square
London
EC4A 3BF

Auditors

Metric Accountants Limited
Level 30, The Leadenhall Building
122 Leadenhall Street
London
EC3V 4AB

 

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 Board on 1 October 2024 and signed on its behalf by:
 

.........................................
Mr P Slate
Director

 

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:

Mr P Slate (appointed 17 March 2022)

Mr D Jacofsky (appointed 17 March 2022)

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 Board on 1 October 2024 and signed on its behalf by:
 

.........................................
Mr P Slate
Director

 

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.

......................................
James Richardson (Senior Statutory Auditor)
For and on behalf of Metric Accountants Limited, Statutory Auditor

Level 30, The Leadenhall Building
122 Leadenhall Street
London
EC3V 4AB

2 October 2024

 

Hopco International Limited

Consolidated Profit and Loss Account for the Period from 17 March 2022 to 31 March 2023

Note

2023
£

Turnover

3

861,510

Cost of sales

 

(39,311)

Gross profit

 

822,199

Administrative expenses

 

(1,689,069)

Operating loss

5

(866,870)

Interest payable and similar expenses

6

(9,425)

Loss before tax

 

(876,295)

Tax on loss

9

47,330

Loss for the financial period

 

(828,965)

Profit/(loss) attributable to:

 

Owners of the company

 

(636,776)

Minority interests

 

(192,189)

 

(828,965)

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

(828,965)

Total comprehensive income for the period

(828,965)

Total comprehensive income attributable to:

Owners of the company

(636,776)

Minority interests

(192,189)

(828,965)

 

Hopco International Limited

(Registration number: 13983616)
Consolidated Balance Sheet as at 31 March 2023

Note

2023
£

Fixed assets

 

Intangible assets

10

14,997,371

Tangible assets

11

10,846

 

15,008,217

Current assets

 

Debtors

13

457,620

Cash at bank and in hand

 

23,373

 

480,993

Creditors: Amounts falling due within one year

15

(15,999,275)

Net current liabilities

 

(15,518,282)

Net liabilities

 

(510,065)

Capital and reserves

 

Called up share capital

17

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 Board on 1 October 2024 and signed on its behalf by:
 

.........................................
Mr P Slate
Director

 

Hopco International Limited

(Registration number: 13983616)
Balance Sheet as at 31 March 2023

Note

2023
£

Fixed assets

 

Investments

12

14,200,000

Current assets

 

Debtors

13

100

Creditors: Amounts falling due within one year

15

(14,200,000)

Net current liabilities

 

(14,199,900)

Net assets

 

100

Capital and reserves

 

Called up share capital

17

100

Shareholders' funds

 

100

The company made a profit after tax for the financial period of £- ( - loss of £-).

Approved and authorised by the Board on 1 October 2024 and signed on its behalf by:
 

.........................................
Mr P Slate
Director

 

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

-

-

(636,776)

(636,776)

(192,189)

(828,965)

New share capital subscribed

100

-

-

100

-

100

Other capital redemption reserve movements

-

404,201

-

404,201

-

404,201

Acquisition of subsidiaries, decrease in equity

-

-

-

-

(85,401)

(85,401)

At 31 March 2023

100

404,201

(636,776)

(232,475)

(277,590)

(510,065)

 

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

100

100

At 31 March 2023

100

100

 

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

 

(828,965)

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

5

19,404

Loss on disposal of tangible assets

4

99

Finance costs

6

7,855

Income tax expense

9

(47,330)

Foreign exchange gains/losses

 

5,052

 

(843,885)

Working capital adjustments

 

Increase in debtors

13

(410,290)

Increase in creditors

15

15,815,295

Increase in deferred income, including government grants

 

183,980

Net cash flow from operating activities

 

14,745,100

Cash flows from investing activities

 

Acquisitions of tangible assets

(92,101)

Proceeds from sale of tangible assets

 

(99)

Acquisition of intangible assets

10

(15,025,973)

Net cash flows from investing activities

 

(15,118,173)

Cash flows from financing activities

 

Interest paid

6

(7,855)

Proceeds from issue of ordinary shares, net of issue costs

 

100

Proceeds from capital contribution reserve

 

404,201

Net cash flows from financing activities

 

396,446

Net increase in cash and cash equivalents

 

23,373

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

13

(100)

Increase in creditors

15

14,200,000

Net cash flow from operating activities

 

14,199,900

Cash flows from investing activities

 

Acquisition of subsidiaries

12

(14,200,000)

Cash flows from financing activities

 

Proceeds from issue of ordinary shares, net of issue costs

 

100

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

1

General information

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

The address of its registered office is:
Fifth Floor
5 New Street Square
London
EC4A 3BF

These financial statements were authorised for issue by the Board on 1 October 2024.

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 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

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 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.

3

Turnover

The analysis of the group's Turnover for the period from continuing operations is as follows:

2023
£

Sales

861,510

4

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

(99)

5

Operating loss

Arrived at after charging/(crediting)

2023
£

Depreciation expense

19,404

Research and development cost

51,208

Loss on disposal of property, plant and equipment

99

6

Interest payable and similar expenses

2023
£

Interest expense on other finance liabilities

7,855

Foreign exchange gains

1,570

9,425

 

Hopco International Limited

Notes to the Financial Statements for the Period from 17 March 2022 to 31 March 2023

7

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2023
£

Wages and salaries

797,286

Social security costs

101,583

Pension costs, defined contribution scheme

23,412

Other employee expense

51,433

973,714

The average number of persons employed by the group (including directors) during the period, analysed by category was as follows:

2023
No.

Administration and support

18

18

8

Auditors' remuneration

2023
£

Audit of these financial statements

9,000

Other fees to auditors

All other non-audit services

16,148


 

9

Taxation

Tax charged/(credited) in the consolidated profit and loss account

2023
£

Current taxation

UK corporation tax

(47,330)

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

10

Intangible assets

Group

Goodwill
 £

Internally generated software development costs
 £

Total
£

Cost or valuation

Acquired through business combinations

14,456,202

569,771

15,025,973

At 31 March 2023

14,456,202

569,771

15,025,973

Amortisation

Amortisation charge

-

28,602

28,602

At 31 March 2023

-

28,602

28,602

Carrying amount

At 31 March 2023

14,456,202

541,169

14,997,371

The aggregate amount of research and development expenditure recognised as an expense during the period is £51,208.
 

11

Tangible assets

Group

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

Additions

92,101

92,101

At 31 March 2023

92,101

92,101

Depreciation

Charge for the period

81,255

81,255

At 31 March 2023

81,255

81,255

Carrying amount

At 31 March 2023

10,846

10,846


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

12

Investments

Company

2023
£

Investments in subsidiaries

14,200,000

Subsidiaries

£

Cost or valuation

Additions

14,200,000

Provision

Carrying amount

At 31 March 2023

14,200,000

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

Future Health Works Ltd

3rd Floor 1 Ashley Road
Altrincham
Cheshire
WA14 2DT

United Kingdom

Ordinary shares

75%

Subsidiary undertakings

Future Health Works Ltd

The principal activity of Future Health Works Ltd is business and domestic software development.

 

Hopco International Limited

Notes to the Financial Statements for the Period from 17 March 2022 to 31 March 2023

13

Debtors

   

Group

Company

Current

Note

2023
£

2023
£

Trade debtors

 

111,958

-

Other debtors

 

47,160

100

Prepayments

 

36,432

-

Accrued income

 

214,740

-

Income tax asset

9

47,330

-

   

457,620

100

14

Cash and cash equivalents

 

Group

Company

2023
£

2023
£

Cash at bank

23,373

-

15

Creditors

   

Group

Company

Note

2023
£

2023
£

Due within one year

 

Trade creditors

 

26,566

-

Amounts due to related parties

20

15,557,301

14,200,000

Social security and other taxes

 

59,914

-

Outstanding defined contribution pension costs

 

17,864

-

Accruals

 

153,650

-

Deferred income

 

183,980

-

 

15,999,275

14,200,000

16

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 £23,412.

Contributions totalling £17,864 were payable to the scheme at the end of the period and are included in creditors.

 

Hopco International Limited

Notes to the Financial Statements for the Period from 17 March 2022 to 31 March 2023

17

Share capital

Allotted, called up and fully paid shares

2023

No.

£

Ordinary share of £1 each

100

100

   

18

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

112,200

Later than one year and not later than five years

56,100

168,300

The amount of non-cancellable operating lease payments recognised as an expense during the period was £55,984 .

19

Analysis of changes in net debt

Group

Acquisition of subsidiaries
£

At 31 March 2023
£

Cash and cash equivalents

Cash

23,373

23,373

 

23,373

23,373

20

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.