Company Registration No. 14454186 (England and Wales)
Hip Pocket Limited
Annual report and unaudited financial statements
for the period ended 31 December 2023
Hip Pocket Limited
Company information
Directors
Stuart Fenegan
(Appointed 1 November 2022)
Ben Andac
(Appointed 1 November 2022)
Company number
14454186
Registered office
71 Queen Victoria Street
London
EC4V 4BE
Accountants
Saffery LLP
71 Queen Victoria Street
London
EC4V 4BE
Hip Pocket Limited
Contents
Page
Directors' report
1
Accountants' report
2
Income statement
3
Statement of financial position
4
Notes to the financial statements
5 - 8
Hip Pocket Limited
Directors' report
For the period ended 31 December 2023
1
The directors present their annual report and unaudited financial statements for the period ended 31 December 2023.
Principal activities
The company was incorporated on 1 November 2022 and began trading on 22 March 2023. The principal activity of the company is that of film production.
Directors
The directors who held office during the period and up to the date of signature of the financial statements were as follows:
Stuart Fenegan
(Appointed 1 November 2022)
Ben Andac
(Appointed 1 November 2022)
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Stuart Fenegan
Director
30 October 2024
Hip Pocket Limited
Accountants' report to the Board of Directors on the preparation of the unaudited statutory financial statements of Hip Pocket Limited for the period ended 31 December 2023
2
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Hip Pocket Limited for the period ended 31 December 2023 set out on pages 3 to 8 from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/regulation.
This report is made solely to the Board of Directors of Hip Pocket Limited, as a body, in accordance with the terms of our engagement letter dated 4 April 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Hip Pocket Limited and state those matters that we have agreed to state to the Board of Directors of Hip Pocket Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Hip Pocket Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Hip Pocket Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Hip Pocket Limited. You consider that Hip Pocket Limited is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the financial statements of Hip Pocket Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Saffery LLP
30 October 2024
71 Queen Victoria Street
London
ECV4 4BE
Hip Pocket Limited
Statement of comprehensive income
For the period ended 31 December 2023
3
Period
ended
31 December
2023
£
Turnover
138,571
Cost of sales
(138,571)
Gross profit
-
Administrative expenses
(9,000)
Result before taxation
(9,000)
Tax on loss
Result for the financial period
(9,000)
The income statement has been prepared on the basis that all operations are continuing operations.
Hip Pocket Limited
Statement of financial position
As at 31 December 2023
31 December 2023
4
2023
Notes
£
£
Current assets
Debtors
4
1
Creditors: amounts falling due within one year
5
(9,000)
Net current liabilities
(8,999)
Capital and reserves
Called up share capital
6
1
Profit and loss reserves
(9,000)
Total equity
(8,999)
For the financial period ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared 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 30 October 2024 and are signed on its behalf by:
Stuart Fenegan
Director
Company Registration No. 14454186
Hip Pocket Limited
Notes to the financial statements
For the period ended 31 December 2023
5
1
Accounting policies
Company information
Hip Pocket Limited is a private company limited by shares incorporated in England and Wales. The registered office is 71 Queen Victoria Street, London, EC4V 4BE.
1.1
Reporting period
These financial statements are presented for a period of 14 months and no comparative amounts are
presented, being the first period since incorporation. Trading commenced on 22 March 2023.
1.2
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 British pound 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.
1.3
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existencetrue. The going concern basis has been adopted based on the ongoing support of the shareholder for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.4
Turnover
Turnover represents income from the company's principal trading activities and is stated exclusive of VAT.
In respect of long-term contracts for on-going services, turnover represents the value of work done in the period, including estimates of amounts not invoiced. Value of work done in respect of long-term contracts for on-going services is determined by reference to the stage of completion.
The "percentage completion method" is used to determine the appropriate amount to recognise is a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the period in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments and other assets depending on their nature, and provided it is probable they will be recovered.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Hip Pocket Limited
Notes to the financial statements (continued)
For the period ended 31 December 2023
1
Accounting policies (continued)
6
1.6
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 statement of financial position 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, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
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, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
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 and subsequently measured at amortised cost using the effective interest method.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Foreign exchange
Transactions in currencies other than British pound sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
Hip Pocket Limited
Notes to the financial statements (continued)
For the period ended 31 December 2023
7
2
Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2023
Number
Total
4
Debtors
2023
Amounts falling due within one year:
£
Other debtors
1
5
Creditors: amounts falling due within one year
2023
£
Other creditors
9,000
6
Called up share capital
2023
2023
Ordinary share capital
Number
£
Issued and fully paid
of £1 each
1
1
7
Related party transactions
During the period the company purchased services through, and received funding from, G.I. 19 Productions Limited, a company with a common director. The amount of services purchased and funding received was £138,571, of which £nil was outstanding at the period end date.
Hip Pocket Limited
Notes to the financial statements (continued)
For the period ended 31 December 2023
8
8
Parent company
The company's ultimate controlling party is Stuart Fenegan by virtue of his shareholding in the company.